Newmont Says Rival Miner Barrick Gold Has Bought a Small Stake Barrick proposes to make it easier for Newmont stock owners to call a meeting, a move that comes ahead of a potential hostile bid
The Merian gold mine, owned and operated by the Newmont Suriname mining company in Suriname in 2016.
The Merian gold mine, owned and operated by the Newmont Suriname mining company in Suriname in 2016. PHOTO: RANU ABHELAKH/REUTERS 2 COMMENTS By Alistair MacDonald Updated Feb. 24, 2019 7:33 p.m. ET Newmont Mining Corp. NEM 3.02% said Sunday that rival miner Barrick Gold Corp. GOLD -2.10% has taken a small stake in the company and proposed to make it easier for Newmont stock owners to call a shareholder meeting, a move that comes ahead of a potential hostile bid by the Canadian company.
A spokesman for Denver-based Newmont said Barrick had bought 1,000 shares in the company, which has 535 million shares outstanding.
Barrick, with a market value of almost $23 billion, said Friday it is considering an all-stock, no-premium transaction to merge with Newmont, which is valued at about $19 billion.
Buying a small stake allowed Barrick to make two shareholder proposals for consideration at Newmont’s next annual shareholders meeting.
One proposal would be to amend Newmont’s bylaws to lower the share-ownership threshold necessary to requisition shareholder meetings to 15% from the current 25%, Newmont said.
Barrick also proposed to repeal all bylaw amendments implemented since Oct. 24, 2018. Newmont said there have been no bylaw amendments since then.
Though uncommon, Barrick’s move has the potential to turn into a possible proxy fight for control of Newmont’s board to force a deal. By seeking to make it easier for shareholders to force Newmont to call a shareholder vote, Barrick is laying the groundwork to put forth a slate of directors who might be more amenable to a merger if Barrick pursues a tie-up and Newmont’s current management and board oppose the idea.
A spokesman for Barrick declined to comment.
Newmont agreed earlier this year to buy miner Goldcorp Inc. of Vancouver, Canada, in a stock deal valued at $10 billion.
The pending deal would make Newmont the biggest gold miner by production, passing longtime rival Barrick, whose output has been declining.
The Newmont spokesman said the Goldcorp tie-up “will create an unmatched portfolio of world-class operations, projects, reserves, exploration opportunities and talent.”
He said the company won’t speculate on Barrick’s motivation for announcing it is considering making a hostile bid. Newmont said it hasn’t yet received an approach from Barrick.
Goldcorp shareholders are set to vote on Newmont’s offer April 4.
Barrick has long considered merging with Newmont to pair up their large gold-mining operations in Nevada and create an industry giant that would dwarf its nearest competitor. The last serious attempt at a deal faltered in 2014.
—Ben Dummett contributed to this article.
Write to Alistair MacDonald at alistair.macdonald@wsj.com
Appeared in the February 25, 2019, print edition as 'Newmont Rival Buys Stake.'
Parliament leaders want Romanian gold reserves brought home
Submitted by cpowell on 11:50PM ET Thursday, February 28, 2019. Section: Daily Dispatches By Ioana Erdei Business Review, Bucharest, Romania Wednesday, February 27, 2019
BUCHAREST, Romania -- Chamber of Deputies President Liviu Dragnea and Socia Democratic Party Sen. Serban Nicolae have proposed a bill to force the National Bank to store 95 percent of Romania's gold reserves in the country.
The bill is meant to change the law that establishes the National's Bank statute. According to the document, the reason for this demand is that gold stored abroad produces only additional costs with storage. The bill also wants to eliminate the word "international" from the terminology used by the National Bank in "international gold reserves."
Romania's gold reserves, 103.7 tons, are stored in three countries, according to the National Bank officials. Three years ago, the institution announced that 60 percent of the gold reserves were stored abroad. The situation has not changed -- 61 tons of the gold are stored at the Bank of England, more than 40 tons are kept at the Bank of Romania in Bucharest, and fewer than five tons are stored at the Bank for International Settlements in Basel, Switzerland. ... ... For the remainder of the report:
Russia China Gold Standard Means Death Of US/NWO fiat$Dollar -
It Was Very Good for Goldcorp when Robert McEwen Stacked the Gold and Sold Less :-))
It has become more and more nations who want their gold back -
China, Russia and India All Prepare To DUMP the DOLLAR in Global Trade! 53,722 views The Money GPS Published on Oct 31, 2018 Ex....
$fiat may become worthless - KL mines be doing 3 work shifts/day - to make a new $$ back to Legal Tender - Gold Standard by Law of US Constitution! Imo!
Flight From Dollar Will Spike Gold and Silver -John Williams - 58,310 views Greg Hunter Published on Jan 26, 2019
Economist John Williams warns, “This is a very dangerous time both domestically and globally.” Maybe this is why gold and silver prices keep steadily climbing higher.
ex.... Ronan Manly: Romania joins gold repatriation exodus
Submitted by cpowell on 02:25AM ET Wednesday, March 6, 2019. Section: Daily Dispatches 9:26p ET Tuesday, March 5, 2019
Dear Friend of GATA and Gold:
Bullion Star gold researcher Ronan Manly today examines the effort in Romania's parliament to repatriate the country's gold reserves from the Bank of England and concludes that it opens a new front between democracy and the arrogance and unaccountability of the central bank.
If legislators enact the bill, Manly writes, "Romania looks set to join the ranks of - Hungary - Austria - Germany - and the Netherlands - in bringing gold bars back into domestic storage. Which European nation will be next after Romania? Poland is a likely candidate, with 102.9 tonnes of gold stored at the Bank of England."
Manly's analysis is headlined
"The Domino Effect:
Romania Joins Gold Repatriation Exodus" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
Ronan Manly: Bank of England tears up its gold custody contract with Venezuela
Submitted by cpowell on 02:17AM ET Thursday, January 31, 2019. Section: Daily Dispatches 9:18p ET Wednesday, January 30, 2019
Dear Friend of GATA and Gold:
Confiscation of Venezuela's gold by the Bank of England, Bullion Star gold researcher Ronan Manly writes today, seems to have been plotted by the United Kingdom and the United States last April when Venezuela's central bank paid Citibank $172 million to recover gold bars kept at the Bank of England that had been given as collateral for a loan.
In any case, Manly writes, the Bank of England's reputation as a safe and impartial custodian of international gold reserves has been destroyed. Of course Venezuela's removal of so much gold from the Bank of England might have greatly endangered the gold price management operation of the major central banks, which is centered on the Bank of England.
Manly's analysis is headlined "Bank of England Tears Up Its Gold Custody Contract with Venezuela's Central Bank" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
* * * *
In Maduro's Venezuela, even counting gold bars is a challenge
Submitted by cpowell on 01:33AM ET Thursday, January 31, 2019. Section: Daily Dispatches By Laura Millan Lombrana Bloomberg News Wednesday, January 30, 2019
Venezuela is home to rich gold deposits and holds billions of dollars of foreign reserves in gold bars in the central bank's vaults. The question is: How much is there?
The answer has taken on added significance as beleaguered President Nicolas Maduro faces increasing pressure to resign. Last week countries including the U.S. and U.K. recognized the leader of the National Assembly, Juan Guaido, as the Venezuela's legitimate leader, amid mass protests. On Monday, the Trump administration issued new sanctions that effectively block crude exports to the U.S., where Venezuela gets the bulk of its cash.
While crude is by far Venezuela's largest export, refined oil and then gold both make up significant sources of revenue, according to data compiled by the Observatory of Economic Complexity of the Massachusetts Institute of Technology. But both the nation's gold reserves and mining production have dropped in recent years as Maduro's regime used the yellow metal to generate hard currency in international transactions - - and even to exchange it for food and medicine. ... ... For the remainder of the report:
Don't deal in Venezuelan gold, White House says in anti-Maduro push
Submitted by cpowell on 01:04AM ET Thursday, January 31, 2019. Section: Daily Dispatches By Shaylim Castro and Jeff Mason Reuters Tuesday, January 29, 2019
CARACAS, Venezuela -- The White House warned traders on Wednesday not to deal in Venezuelan gold or oil following its imposition of stiff sanctions aimed at forcing socialist President Nicolas Maduro from power.
National security adviser John Bolton tweeted that traders should not deal in gold, oil, or other commodities "being stolen" from the Venezuelan people, as opponents of Maduro's government worried that a Russian-operated plane had shipped gold out of Caracas this afternoon.
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