At $24.5 billion, with a receptive share register, a difficult CEO succession story and one of the last big gold consolidation deals, Newcrest Mining looks ripe for the taking. The question is to whom, and how much they will have to pay.Barrick Gold will be first call on every banker’s list.
Copper’s hot with BHP and Rio Tinto, neither of who’s likely to want to be producing 2 million tonnes of gold a year but may be interested in a Newcrest asset or two. A similar case could be mounted for Glencore or Anglo American. So bankers will be thinking about a break-up between gold players who really want Newcrest’s gold, and copper players who could get the heavier copper assets.