The 10 biggest gold companies led by Barrick Gold Corp. spent more than $100 billion in the past 20 years buying new mines and projects around the globe. Now they’re feeling pressure to throw the strategy into reverse.
Goldcorp Inc., the second-largest gold producer by market value, reported first-quarter earnings that trailed analysts’ estimates as production declined at a Canadian mine. The shares fell the most in more than two years.
Quadra FNX Mining Ltd. is poised to secure the largest takeover price increase in North America as the cheapest copper bid on record leaves room for Vale SA or Antofagasta Plc to make a competing offer.
Inmet Mining Corp., owner of the world’s second-biggest undeveloped copper deposit, is forecast by investors and analysts to attract rival takeover offers after it rejected a C$4.86 billion ($4.89 billion) bid from First Quantum Minerals Ltd.
Barrick Gold Corp. is betting growth will come from Nevada, where the world’s largest producer scored its first big success three decades ago, after more than $9 billion in writedowns and cost overruns in the past two years on projects from the Andes to Zambia.
KGHM Polska Miedz SA, the copper miner with the largest European output, agreed to buy Canada’s Quadra FNX Mining Ltd. for about C$2.87 billion ($2.84 billion) in the largest overseas acquisition by a Polish company.