Barrick Gold rules out war with Newcrest on Lihir takeover Andrew Burrell From: The Australian August 03, 2010 BARRICK Gold has ruled out a takeover bid for Lihir Gold that would trump a $9.7 billion scrip and cash offer from Newcrest Mining. Lihir chief executive Graeme Hunt said last week it was possible another suitor could emerge for the Papua New Guinea-focused goldminer, with speculation centring on North American giants Newmont Mining and Canada's Barrick Gold.
But at the annual Diggers & Dealers mining conference in the goldmining town of Kalgoorlie yesterday, Barrick Gold Asia Pacific president Gary Halverson said the world's biggest goldminer's board had ruled out a rival bid for Lihir.
"We look at all kinds of opportunities all the time, but it obviously made more sense to them (Newcrest) at this point than to us," Mr Halverson said. "I'm assuming that deal is pretty well done."
Lihir chief says new bid possible The Australian, 6 days ago
Newmont Asia Pacific operations regional group executive Philip Stephenson would not comment on whether the miner was planning a bid for Lihir.
Speculation about the Lihir deal came on the opening day of Diggers & Dealers, which had an unprecedented focus on politics amid strong opposition to the federal government's proposed mineral resources rent tax.
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