Newmont and Goldcorp seal merger deal to become world’s biggest gold miner

Denver based mining concern, Newmont Mining Corporation today announces it has successfully concluded the merger deal with Goldcorp in what makes the new company the leading gold miner in the world.

The merger which cost Newmont $10 billion is expected to spur similar mergers in the gold mining industry, and creates a company that has mines in the Americas, Australia, and Ghana and will produce about 7.9 million ounces of gold a year, and stir investor confidence.

Both companies say they will sell up to $1.5 billion in assets over the next two years and Newmont also promised initial cost savings from the merger of $100 million a year.

By Emmanuel K. Dogbevi