Monday, 24th July 2006 (2462 views)

Canadian-based gold mining corporation Barrick Gold has announced a takeover bid for a rival company that will increase its mining property in North America by over 50 per cent.

A cash offer tabled for NovaGold will strengthen the gold giant's holdings on the continent and consolidate its position among the largest and best-known mining companies in the world.

In conjunction with the NovaGold acquisition, which will increase Barrick's control over projects at Donlin Creek in Alaska, the company has also had an offer to acquire Pioneer accepted.

Pioneer has a controlling interest in another important gold reserve in North America – at Galore Creek in British Columbia, Canada.

"Having successfully acquired and integrated the Placer Dome mines into our portfolio, the acquisition of NovaGold's assets will consolidate our interest in the Donlin Creek project and add another quality project to our unrivalled pipeline," said Barrick's President Greg Wilkins.

"The acquisition of NovaGold will significantly strengthen our mineral resource base and enhance our North American foundation of quality assets."

 

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