(Provides background, remark)
Feb 16 (Reuters) – Newcrest Mining mentioned on Thursday it has rejected the $16.9 billion provide from U.S.-based Newmont Corp, saying it doesn’t symbolize enough worth for Newcrest shareholders.
“The board has thought-about the indicative proposal and has unanimously decided to reject the provide,” Newcrest mentioned.
Australia’s No. 1 gold miner, nonetheless, mentioned it was ready to offer entry to restricted, private info on a non-exclusive foundation to Newmont for an improved proposal.
Reuters had reported on Feb. 7 that Newmont was open to barely growing its provide amid issues its present bid was too low after current management adjustments on the Australian firm.
Already the world’s largest gold producer by market worth and ounces produced, Newmont would grow to be a gold mining behemoth ought to it prevail in its bid for Newcrest. The newly mixed firm would produce practically twice as a lot of the yellow metallic as closest rival Barrick Gold Corp. (Reporting by Savyata Mishra in Bengaluru; Enhancing by Shailesh Kuber)
