The Canadian gold giant confirmed it has reviewed the opportunity to merge with the US miner in an all-share deal.
Randgold Resources Mining News
The company pinned the cost increases partly on mining ending at its low-cost Cortez Hills open pit in Nevada in the first half of the year.
After nine months of intermittent production caused by illegal strikes and social unrest, Tongon gold mine achieved its revised production target of 230,000 ounces for 2018, down from 288,680 the previous year.
“The question becomes now, will there be a domino effect?”
Barrick now trades as GOLD in New York and continues as ABX in Toronto.
“This is now Mark Bristow’s company and I think John knows that.”
The planned merger, which creates the world's top gold miner by value and output, has been approved by the Royal Court of Jersey.
Incoming CEO Mark Bristow has announced his intention to offload non-core assets and research and development company AuTec is one of them.
La Mancha is a private gold company with investments in Toronto-listed Endeavour Mining, Australia's Evolution Mining and Ghana-focused Golden Star Resources.
Richard Williams who served as Barrick’s chief of staff and later chief operating officer was assigned in February to work full-time on securing a deal between the Tanzanian government and Acacia Mining Plc.
Bristow, who will be CEO of the merged firm, did not give specifics about what that mediation would involve, but said he would be acting in his capacity as Randgold's chief executive not as the head of Barrick.
Barrick Gold shareholders "overwhelmingly" approved its all-stock acquisition of Africa-focused Randgold Resources.
Experts believe the US firm could achieve $300 million in operating and cost savings from combining its mines in Nevada with those of the Canadian rival.
The market may see the wave of consolidation we’ve been waiting for - Michael Siperco, analyst at Macquarie Capital Markets.
Randgold plans to sweeten its 2018 dividend by 35%, to $2.69 per share from $2, and pay it before the merger closes.
The combined miner plans to focus on Tier 1 assets, those producing at least 500,000 ounces of gold annually, with a mine life of more than 10 years and low costs.
BMO Capital Markets has flagged a total of 13 mines that could be sold following the $6-billion merger.
No final decision has been made, and it’s also not clear whether all three of Acacia’s Tanzanian gold mines will be brought back into Barrick.
Shareholders of Barrick and Randgold will vote on Nov. 5 on an all-stock transaction that will create a company with operations in Africa, Australia, North and South America, Saudi Arabia and Papua New Guinea.
The state miner warned it would "assert its rights" in Barrick Gold's acquisition of Rangold's stake in the Kibali mine, but did not provide details of its plans.
Chief Executive Officer Gary Goldberg said while not interested in the entire companies, he would interested in buying Barrick’s half of their shared Kalgoorlie mine in Australia, which Newmont operates.
Randgold's founder Mark Bristow has been a thorn in the side of Barrick Gold Corp. Now he’s its closest partner.
The new Barrick, which will be listed in New York and Toronto, will own five of the world's 10 lowest cost gold mines and will be the world's top bullion producer by both value and output.
Negotiations between management, workers, community leaders and the government created an agreement under which workers are being re-employed in phases.
As a result of the latest stoppage at the Ivory Coast mine and the time it will take to bring it back on line and at full tilt, Randgold will have to review its 290,000-ounce gold output forecast for the year.