Assets across the Americas, Africa and Australia
In a sign of the changes sweeping Canada’s gold mining sector, control of one-time darling Vancouver-based Goldcorp Inc. transferred south of the border on Thursday.
“We strongly feel this is going to position the company as the go-to gold company going forward,” Newmont chief executive Gary Goldberg told the Financial Post in January, when the merger was announced. Both come as investments in precious metals are shifting away from gold producers and towards royalty companies and exchange traded funds.
Newmont is paying a 17 per cent premium to Goldcorp at a time when it had fallen out of favour with investors; and its market capitalization had sunk to US$8.4 billion, from a peak of greater than US$45 billion in 2011 — a more than 80 per cent decline.
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