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April 28, 2014
09:28 EDTNEM, ABXNewmont Mining releases letter sent to Barrick board
In response to the press release issued this morning by Barrick Gold Corporation (ABX), Newmont Mining Corporation (NEM) released the following letter it sent last week to the Board of Directors of Barrick: "Over the past number of months, our two companies have been working hard to find a basis on which we could merge and realize their combined strengths. While we were hopeful that we could achieve that goal, it has become evident to us over the past several weeks that the type of constructive, mutually respectful and partnership-oriented relationship necessary to realize the potential benefits of that combination does not yet exist. Our Board has met a number of times since we were twice told definitively last Thursday by your Co-Chairman that the process in which we had been engaged to find a basis to merge our two companies was “dead”. As you would expect, that unilateral declaration made us question whether we actually shared the vision and values that are necessary to forge a successful new company. Notwithstanding that, we persevered. While our team has found your management team’s engagement to be constructive and professional, the same constructive nature cannot be said of our discussions with your Co-Chairman on certain fundamental strategic and structural issues over the past two weeks. Our efforts to find consensus have been rejected out of hand repeatedly. And, as we contemplated further dialogue, we read in the continuing reporting of the transaction in the financial press a pointed characterization of our company as 'extremely bureaucratic and not shareholder-friendly.' Nothing could be further from the truth. Moreover, none of this suggests that we have the mutual respect or shared values today that we believe are necessary for the enterprise that would result from the combination of our companies to realize its full potential. It is, in fact, because of our deep commitment to our shareholders that we reluctantly have had to unanimously conclude that we need to put aside our attempts to resuscitate this initiative and should pursue our course as an independent company."
News For ABX;NEM From The Last 14 Days
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November 20, 2014
06:40 EDTABXBarrick Gold implied volatility of 50 at upper end of index mean range
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November 19, 2014
06:01 EDTABXBarrick Gold implied volatility of 45 at upper end of index mean range
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November 18, 2014
17:06 EDTABXBarrick Gold appoints Shaun Usmar as CFO Designate
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November 12, 2014
08:51 EDTABXBarrick exec says Pascua Lama completion would cost another $4B, Reuters reports
Barrick Gold, which halted its Pascua Lama gold mine project last year after investing $5B, would like to find a path forward but believes the mine would likely cost another $4B to complete, Edmundo Flores, SVP of Pascua Lama, told financial newspaper Diario Financiero, according to Reuters. Reference Link
November 10, 2014
11:39 EDTNEMStocks with call strike movement; YHOO NEM
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