By Geoffrey Smith
Two of the world’s largest gold miners are in talks to create a global powerhouse for producing the precious metal in the biggest takeover offer announced this year. US-listed Newmont, already the world’s largest gold miner by output, has launched an all-share bid for its Australian rival Newcrest that values the smaller company at almost A$24bn ($17bn). The indicative offer marks the latest salvo in a rush of consolidation in the fragmented gold industry that took off when Barrick Gold, the world’s second-largest producer, struck a deal to buy Randgold for $6bn in 2018.
By Ambar Warrick and Senad Karaahmetovic