Skip to content
Subscriber Only

Barrick Trades Blows With Newmont After Merger Talks Fail

Barrick Gold Corp. and Newmont Mining Corp. blamed each other for a breakdown in merger talks, the latest of several failed attempts over more than two decades to combine the world’s largest gold producers and extract cost savings from adjacent U.S. mining operations.

In a series of statements today, the companies sought to assign responsibility for the end of the discussions. Toronto-based Barrick said in a statement that Newmont tried to renege on three elements of the proposed deal after signing a term sheet. Newmont said Barrick’s account was wrong and criticized its Co-Chairman John Thornton for not being constructive during the talks.