Precious Metals

Barrick-Randgold merger to make Barrick top miner

Gold bar was poured from gold mined from Barrick's Goldstrike mine in Nevada. The terraced mine in the background is the Cortez Mine, also among the company’s operations in Nevada.

Images courtesy of Barrick Gold.

Canadian-based Barrick Gold Corp. expects to become the world’s largest mining concern, when it fully accomplishes its acquisition of Randgold Resources, currently in process.

Headquartered in Toronto, Ontario, Canada, Barrick has mining operations in Argentina, Australia, Canada, Chile, the Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, the United States and Zambia.

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Headquartered in Jersey, Channel Islands, Randgold Resources is a gold mining business operating mainly in the West African nation of Mali.

According to a release from Barrick, Barrick’s executive chairman will hold the same title, with the merged entity to be known as New Barrick Group, while Randgold’s top executive, Mark Bristow, will serve as president and chief executive officer of the combined entity.

New Barrick Group will control five of the world’s top gold mines in Cortez (Nevada), Goldstrike (Nevada), Kibali (Democratic Republic of Congo), Loulo-Goukoto (Democratic Republic of Congo) and Pueblo Viejo (Dominican Republic), with the potential for two more top-producing mines in Goldrush/Fourmile (Nevada) and Turquoise Ridge (Nevada). 

Under terms of the merger agreement, Barrick’s shareholders will own 67 percent of New Barrick Group, with Randgold Resources stockholders controlling 33 percent.

The spot price of gold has dropped roughly 9 percent during calendar year 2018, to below $1,200 an ounce in August for the first time since January 2017. 

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