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Newmont Fends Off Barrick's Hostile Bid, But Only for Two Years

  • ‘We listened to our shareholders,’ Barrick CEO Bristow says
  • Barrick to get 61.5% of Nevada operation; Newmont gets rest
mine truck
Photographer: Taylor Weidman/Bloomberg
Updated on

Newmont Mining Corp. managed to fend off a hostile bid by Barrick Gold Corp. by agreeing to a joint venture around the two companies’ projects in Nevada. That should shield the Colorado-based miner from an unwanted offer from its recent suitor, for at least two years.

“We won’t be going to buy each other’s shares and enter into any hostilities for the next two years,” Barrick Chief Executive Officer Mark Bristow said in a telephone interview Monday. The only way a full merger could occur within that period would be if it were “friendly,” he said.