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Gold mining giants reportedly neared merger, but talks failed

  • Barrick Gold (ABX) and Newmont Mining (NYSE:NEM) - the world's two largest gold producers - had hoped to have a merger deal announced as soon as Tuesday, reports the WSJ, but talks have broken down. The talks come after a particularly tough year for the gold miners has them shifting focus from empire-building to cutting costs, and analysts note the two have neighboring operations in Nevada, as well as operations in proximity to each other in Peru and Australia.
  • The merger would have created a combined company with a market cap of more than $30B.

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