Takeover target, page-6

sorry to go off topic, reading the merger docs...New Barrick will be a behemoth.
Think this bodes well for NCM who are maybe a sitting duck for someone like a Newmont.

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Strategic Rationale for the Merger

The Boards of Barrick and Randgold believe that the Merger will create an industry-leading gold company with the greatest concentration of Tier One Gold Assets in the industry, the lowest total cash cost position among Senior Gold Peers,¹ and a diversified asset portfolio positioned for growth in many of the world's most prolific gold districts.

Based on Barrick and Randgold's Closing Prices as of 21 September 2018 (being the last business day
prior to the date of this announcement), the New Barrick Group will have an aggregate market capitalization of USD 18.3 billion. In addition, based on the 2017 financial results for both companies, the New Barrick Group would have generated aggregate revenue of approximately USD 9.7 billion and aggregate Adjusted EBITDA² of approximately USD 4.7 billion.
The New Barrick Group will, on completion of the Merger, have the following advantages:

• Ownership of five of the world's top ten Tier One Gold Assets by total cash cost,¹ with two potential Tier One Gold Assets under development or expansion:
  • Tier One Gold Assets: Cortez, Goldstrike, Kibali (45%), Loulo-Gounkoto (80%) and Pueblo Viejo (60%);
  • Potential to become Tier One Gold Assets: Goldrush/Fourmile and Turquoise Ridge (75%).
• The highest Adjusted EBITDA³ and highest Adjusted EBITDA margin³ and the lowest total cash cost position among Senior Gold Peers¹ on a combined basis based on the 2017 financial results of both companies.
• A proven management team of owners with the ability to operate successfully in complex jurisdictions.
• Strong cash flow generation to support robust investment and ability to return cash to shareholders.
• Established partnerships with leading Chinese mining companies.
• Superior scale and the largest gold reserves amongst Senior Gold Peers.
• Strong balance sheet with expected investment grade ratings.
• Ownership of a strategic Copper Business that produced 413 million pounds of copper in 2017.
• Significant re-rating potential.