Newmont Mining to purchase Vancouver’s Goldcorp in massive deal

A U.S. company is buying one of Canada's largest mining outfits. Colorado-based Newmont Mining Corp. will merge with Vancouver-based Goldcorp in a deal valued at about US$10 billion. Newmont shareholders will retain 65 percent of the company, with Goldcorp shareholders taking the other 35. The move comes on the heels...

Credit: Paul Duchart

Goldcorp chair Ian Telfer (right) with Canada Wide chair and CEO Peter Legge

Merger will create a new company called Newmont Goldcorp

A U.S. company is buying one of Canada’s largest mining outfits.

Colorado-based Newmont Mining Corp. will merge with Vancouver-based Goldcorp in a deal valued at about US$10 billion. Newmont shareholders will retain 65 percent of the company, with Goldcorp shareholders taking the other 35.

The move comes on the heels of last year’s US$18-billion merger between Toronto-based Barrick Gold Corp. and Randgold Resources of New Jersey.

It’s another notable B.C. acquisition by Newmont, which purchased Mark O’Dea‘s Vancouver-headquartered Fronteer Gold for $2.3 billion in 2011.

Newmont and Goldcorp said that the deal will create the “world’s leading gold company.” The combined entity will have a North American regional office in Vancouver.

Goldcorp chair Ian Telfer—deputy chair of the new venture—was the guest speaker at our Top 100 event last year. This June, Boston Pizza International owner and chair Jim Treliving will do the honours. For tickets, click here.