Australia could spawn a new mega gold producer if Barrick Gold Corp and Newmont Mining Corp spin off their Asia-Pacific assets, heating up competition with the country's underperforming market leader Newcrest Mining Ltd.Barrick and Newmont have been holding friendly merger talks, but remain at odds over how to group mines each company owns in Australia, New Zealand and possibly Papua New Guinea and Indonesia into a separate company, sources close to the talks have said.If the two companies' Asia-Pacific mines were grouped together, annual output could exceed 2.3 million ounces, challenging Newcrest as Australia's biggest gold producer and the world's fifth largest.The new entity could also potentially gain a higher rating among investors than it would receive within a combined Barrick-Newmont.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX traded higher by 1.56% or $0.27/share to $17.55. In the past year, the shares have traded as low as $13.43 and as high as $21.70. On average, 12938200 shares of ABX exchange hands on a given day and today's volume is recorded at 18948460.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX traded higher by 1.79% or $0.34/share to $19.37. In the past year, the shares have traded as low as $14.22 and as high as $23.78. On average, 3156170 shares of ABX.TO exchange hands on a given day and today's volume is recorded at 2959558.
Newmont Mining Corporation, is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Indonesia, Ghana, New Zealand and Mexico. Shares of NEM fell by 0.04% or $-0.01/share to $25.04. In the past year, the shares have traded as low as $20.79 and as high as $35.44. On average, 10187000 shares of NEM exchange hands on a given day and today's volume is recorded at 13740046.
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