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Newmont rejects Barrick's buyout offer, proposes Nevada tie-up

Key Points
  • Newmont Mining on Monday rejected rival Barrick Gold's unsolicited offer, saying the all-stock proposal was not in the best interest of its shareholders as it was offered at a discount.
  • Newmont said it submitted a joint venture proposal to Barrick for operations in Nevada.
Operations at Yanacocha, South America's largest gold mine, are a joint venture between Newmont Mining Corp., Minas Buenaventura and International Finance Corp.
Dado Galdieri | Bloomberg | Getty Images

Newmont Mining on Monday rejected rival Barrick Gold's unsolicited offer, saying the all-stock proposal was not in the best interest of its shareholders as it was offered at a discount.

However, Newmont said it submitted a joint venture proposal to Barrick for operations in Nevada.

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Key Points
  • Newmont Mining is not buying Goldcorp because it believes gold prices will rise, CEO Gary Goldberg says.
  • Goldberg sees an opportunity to optimize Goldcorp's assets during a period of relatively low gold prices and consolidation.