{"id":18461,"date":"2018-09-27T09:00:07","date_gmt":"2018-09-27T09:00:07","guid":{"rendered":"http:\/\/www.ceo-na.com\/?p=18461"},"modified":"2018-10-31T21:28:08","modified_gmt":"2018-10-31T21:28:08","slug":"barrick-and-randgold-to-create-worlds-biggest-gold-miner","status":"publish","type":"post","link":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/business\/innovation-business\/barrick-and-randgold-to-create-worlds-biggest-gold-miner\/","title":{"rendered":"Barrick and Randgold to create world’s biggest gold miner"},"content":{"rendered":"

Barrick Gold’s purchase of Randgold Resources will create the world’s biggest gold miner with a value of approximately $18bn.<\/strong><\/em><\/p>\n

The announcement that Canada’s Barrick Gold will purchase Randgold Resources will resound throughout the gold mining industry amid a period of falling gold prices and wider uncertainty.<\/p>\n

The firms own some of the world’s most valuable gold fields, extracting more than 6.6 million ounces of gold a year between them.<\/p>\n

Yet shares of both firms have fallen almost 30% this year, amid falling gold prices and questions over their strategy.<\/p>\n

“Our industry has been criticized for its short-term focus, undisciplined growth and poor returns on invested capital. The merged company will be very different,” Mark Bristow, Chief Executive of Randgold, told the BBC<\/a>.<\/p>\n

“Its goal will be to deliver sector leading returns, and in order to achieve this, we will need to take a very critical view of our asset base and how we run our business, and be prepared to make tough decisions,” he added.<\/p>\n

The price of gold has fallen more than 8% this year, putting all gold producers under pressure.
\nBarrick and Randgold will be hoping that their combination will allow them to cut costs and drive up profit margins.<\/p>\n

Under the terms of the deal, Barrick shareholders will end up owning two-thirds of the combined firm and Randgold will own the remaining third.<\/p>\n

Industry analysts also believe that Barrick’s mines which are in relatively stable countries will complement Randgold’s assets, which are in riskier locations, such as West and Central Africa.<\/p>\n

\u201cRandgold has a proven ability to operate successfully in some of the most challenging environments in the world,\u201d Barrick Executive Chairman John Thornton said on a conference call. \u201cThe combined company will have five of the world\u2019s top 10 tier-one gold assets.\u201d<\/p>\n

The new company will keep the Barrick name and be listed in New York and Toronto, while Randgold’s London listing will be cancelled.<\/p>\n

Thornton will retain his position in the enlarged company, while Bristow becomes president and CEO. Randgold Chief Financial Officer Graham Shuttleworth will become CFO of the new company.<\/p>\n","protected":false},"excerpt":{"rendered":"

Barrick Gold’s purchase of Randgold Resources will create the world’s […]<\/p>\n","protected":false},"author":22,"featured_media":18462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[1359,1358,1360],"class_list":["post-18461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-innovation-business","tag-barrick-golds","tag-gold-miner","tag-randgold-resources"],"_links":{"self":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/18461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/comments?post=18461"}],"version-history":[{"count":3,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/18461\/revisions"}],"predecessor-version":[{"id":19120,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/18461\/revisions\/19120"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/media\/18462"}],"wp:attachment":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/media?parent=18461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/categories?post=18461"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/tags?post=18461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}