A long-awaited trial between Canada's top two gold miners opened in an Ontario courtroom on Monday, with Barrick Gold (ABX.TO) claiming Goldcorp's (G.TO) actions to gain control of a massive copper-gold project in Chile were "clandestine" and illegal. The trial comes 17 months after Barrick filed a legal action against Goldcorp over its deal to purchase at 70 percent stake in the El Morro project, one of the largest known copper and gold deposits in Latin America. Barrick had a deal to buy the 70 percent stake from owner Xstrata Copper Chile (XTA.L), but was bested when Goldcorp swooped in with a side deal after minority stakeholder New Gold (NGD.TO) rejected the Barrick bid as part of its right of first refusal (ROFR). Barrick, the world's top gold miner, alleged that New Gold subsidiary Datawave Sciences did not exercise its right for good reason, but rather to allow Goldcorp to avoid the auction process and parachute in as a preferred partner.
Barrick Gold Corporation is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 0.81% or $-0.37/share to $45.46. In the past year, the shares have traded as low as $39.67 and as high as $55.74. On average, 9067360 shares of ABX exchange hands on a given day and today's volume is recorded at 5765377.
Goldcorp Inc. (Goldcorp) a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico and Central and South America. Shares of G fell by 2.25% or $-0.35/share to $15.18. In the past year, the shares have traded as low as $13.09 and as high as $18.71. On average, 787012 shares of G exchange hands on a given day and today's volume is recorded at 457977.
New Gold Inc. (New Gold) is an intermediate gold producer with a portfolio of global assets in the United States, Mexico, Australia, Canada, Chile and Brazil. Shares of NGD fell by 3.45% or $-0.335/share to $9.385. In the past year, the shares have traded as low as $4.66 and as high as $11.95. On average, 3931770 shares of NGD exchange hands on a given day and today's volume is recorded at 2082156.
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