Barrick Gold withdraws Newmont offer

Cooperation instead of hostile takeover in gold mining: The Canadian group Barrick Gold does not want to take over its US competitor Newmont Mining. Instead, both companies are now planning a joint venture in the US state of Nevada, as Barrick boss Mark Bristow announced on Monday.Newmont rejected the Barrick takeover offer a week ago. The Canadian group had proposed a share swap and would have held after this deal just under 56 percent of the shares in the joint venture.Now Bristow said that the agreed cooperation between the two companies in Nevada was the “best way” to exploit the enormous potential of the goldfields there and to maximize returns.Newmont is currently in the process of taking over its Canadian competitor Goldcorp for $ 10 billion (€ 8.9 billion). Dwindling gold reserves and rising production costs are leading to a series of alliances and mergers in the industry.