In a deal that would be the largest in gold mining history,Newcrest has agreed to back a takeover offer that values the company at nearly $29 billion.
Minister Bill Johnston said the government was not currently looking to sell the Gold Corporation or the mint,but it would be one of the options considered by the commercial advisors appointed by the Department of Treasury.
The London Bullion Marketing Association has completed a review of the Perth Mint’s operations.
Vision credit:Wolter Peeters
The review will investigate claims made by the ABC’s Four Corners on Monday night
A spokesman for the London Bullion Marketing Association said it had sought more information about the claims aired on Four Corners on Monday.
The Chinese miner at the centre of a $395 million lawsuit by an Australian company has been accused of trespassing on another miner’s land.
Top Australian gold miner Newcrest has rejected a takeover proposal from US giant Newmont,arguing it undervalues the company,but has agreed to open its books to extract a higher offer.
Gold mining giant Barrick Gold says it is unlikely to challenge a $24 billion takeover offer for Australia’s Newcrest,reducing the chance of a bidding war.
No one other than the big North American gold miners could make sense of the economics of a bid with a takeover premium,albeit a relatively modest one,for Newcrest.
Top Australian gold miner Newcrest’s shares have soared after the company said it has received a takeover offer from the world’s largest listed gold producer.