Barrick buys Randgold to create world’s largest gold miner

24 Septembre, 2018, 17:08 | Auteur: Auguste Feret
  • Canada's Barrick Gold to buy Randgold for $6.5 billion in all-stock deal

The merger terms value Randgold at 4.58 billion pounds ($6 billion), at 48.5 pound-a-share, according to Thomson Reuters data. Randgold has also slipped this year as it faced labor challenges in the Ivory Coast, a tax dispute in Mali and the prospect of a tougher mining code in the Democratic Republic of Congo.

Thornton will remain as executive chairman, directing strategy and Bristow will be president and chief executive of the merged company, running day-to-day operations.

The company will be listed in NY and Toronto, which means that London will lose its biggest gold stock, but it will own five of the world's 10 lowest cost gold mines, producing more than 6.5 million ounces of the precious metal a year. Thornton will maintain his current title - executive chairman - of the New Barrick Group.

Thornton will retain his position in the enlarged company, while Bristow becomes president and CEO.

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As part of the deal, China's Shandong Gold, one of the country's biggest gold producers, has agreed to buy $300 million of shares in Barrick. They also have high internal "hurdle" rates for investment; in Barrick's case they must generate an internal rate of return of 15 per cent and in Randgold's 20 per cent. "Barrick, with a market cap of $12.2bn has twice the market value of Randgold", said Bloomberg News. "Randgold has earned a 93% total return for shareholders in 10 years; Barrick, a 61% loss", it said.

The deal marks the biggest transaction in years in the gold mining industry, where companies have come under fire from investors for poorly managing capital, forcing them to focus on costs while dampening enthusiasm for acquisitions.

Barrick's majority-owned Acacia Mining Plc has been stuck in limbo after Tanzania imposed a ban on exports of mineral concentrates in 2017 and slapped a US$190 billion tax bill on the London-listed company.

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