Gold mining giants Newmont and Barrick Gold are talking about a merger that could have a big impact on the northwest. Earlier this year, Newmont bought out Goldcorp in a $10-billion deal. However, a proposed merger between Barrick Gold and Newmont could be worth $18 billion.
Since the end of September, the price of gold has increased more than $200 an ounce. Over the last decade, the price has jumped more than $573, from $1,168.62 an ounce in March of 2010 to Friday's close of $1,742.55 an ounce.
In Red Lake last month, a company representative told municipal leaders the merger between Goldcorp and Newmont was a good fit. As part of their announcement, the newly-formed company said they planned to triple their gold production in Canada to about 3 million ounces a year.
Late last month, Newmont initially rejected the bid from Barrick, and Barrick said they weren't keen on acquiring Goldcorp. However, there continues to be talk about a merger between Barrick and Newmont.
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