anglo american gold

Randgold Resources and Barrick Gold have received unconditional clearance from the South African Competition Tribunal for their proposed share-for-share merger.

The merger remains subject to the satisfaction or (where applicable) waiver of the outstanding Conditions set out in Part A of Part 3 of the scheme document dated 4 October 2018 relating to the merger.

The key remaining Conditions to completing the Merger on the expected effective date of 1 January, 2019 are:

(i) obtaining  approval of the shareholders of both companies; and

(ii) the sanction of the Scheme by the Royal Court of Jersey which is being sought at a hearing scheduled for 17 December 2018.

This follows two leading independent proxy advisory firms recommending that shareholders of Randgold Resources vote FOR shareholder resolutions in relation to the proposed merger with Barrick Gold.

This announcement was made by Randgold. The two advisory firms are Institutional Shareholder Services and Glass Lewis.

On 25 September the boards of Barrick Gold and Randgold Resources announced they had reached agreement on a share-for-share merger of Barrick and Randgold to create “an industry-leading gold company with the greatest concentration of tier one gold assets in the industry, the lowest total cash cost position among senior gold peers and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts”.

Previous articleGlobal gold demand trends for Q3, 2018
Next articleNUM workers to go on strike at South Deep mine
On 1 January 2019 a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources. Shares in the new company trade on the NYSE (GOLD) and the TSX (ABX). The merger has created a sector-leading gold company which owns five of the industry’s Top 10 Tier One gold assets (Cortez and Goldstrike in Nevada, USA (100%); Kibali in DRC (45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican Republic (60%)) and two with the potential to become Tier One gold assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in the USA). With mining operations and projects in 15 countries, including Argentina, Australia, Canada, Chile, Côte d’Ivoire, DRC, Dominican Republic, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, USA, and Zambia, Barrick has the lowest total cash cost position among its senior gold peers and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts.