Actionable news
All posts from Actionable news
Actionable news in NEM: NEWMONT MINING Corp,

Newmont seen in strong position in Barrick Australian mine sale

Barrick Gold Corp Chairman of the board John Thornton looks on during their annual general meeting for shareholders in Toronto, April 28, 2015.

Barrick Gold Corp's (ABX.TO) sale of its stake in Australia's Kalgoorlie mine should attract a string of suitors, but its partner Newmont Mining (NEM.N) may have an advantage over other bidders in the sale process, industry sources say.

Toronto-based Barrick said last week the time was right to sell its half of the so-called "Super Pit" gold mine, a stake analysts estimate is worth around $1 billion.

Newmont, which has publicly stated its interest in buying the 50-percent share it does not already own, is in a stronger position over rival bidders since taking over as operator of the mine last year.

Denver-based Newmont has "been there for some 20 years so they have the history behind them, they know the asset better than anybody. I would say they have an edge that way," Haywood Securities analyst Kerry Smith said.

Barrick's share of...