A group of Newmont creditors are trying to block an amendment the mega-gold miner is seeking for a large tranche of notes associated with its operations in Nevada, according to people with knowledge of the matter. The change would prevent liability for those bonds from shifting to Barrick after the companies’ recently announced joint venture in the state is completed.
The 2035 bonds are guaranteed by Newmont USA Ltd., which includes the three Nevada gold mines set to become part of the JV with Barrick. Those assets accounted for about 88 percent of the guarantor’s proven and probable reserves within North America at the end of last year, and the proposed JV would constitute a sale of “all or substantially all” of the guarantor’s assets in Nevada, per the bond prospectus.
The relationship between Newmont and Barrick, the world’s two largest gold miners, has been fraught for years. Merger talks between the two companies have failed in the past, as have attempts to increase cooperation in Nevada. The joint venture agreement was only reached after Barrick launched, and agreed to withdraw, a hostile bid for Newmont.
The expiration date comes on the same day that Credit Roundtable, a bondholder industry advocacy group, gathers for its semiannual meeting in Washington. The meeting started at 8:30 a.m. and Newmont had come up in conversation within minutes, according to David Knutson, co-leader of the group.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Barrick’s Deal-Making Chairman Awarded $12.9 Million in 2018Barrick Gold Corp. boosted Executive Chairman John Thornton’s total compensation last year 67 percent to $12.9 million, rewarding the former investment banker for the company’s performance and his role in the merger with Randgold Resources Ltd.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: MMG Joins Glencore, ERG Reviewing Congo Plans After Tax HikeYet another foreign miner in the Democratic Republic of Congo is reviewing its future production plans after the government increased taxes and removed investor safeguards despite industry protests.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Friday, April 4: Five Things You Need to Know to Start Your DayThe U.K. Parliament blocks a no-deal Brexit, while Chinese and American trade negotiators meet in Washington. Here are some of the things people in markets are talking about Friday? Thursday April 4th 😮
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick Analysis: Why poor housing prices are a blessing in disguiseIt’s a terrible irony. South African house prices, adjusted for inflation, are as flat as an ironing board and have been for around a decade. And that just may save us all the heartache at least some of the developed world faces as their residential markets come under pressure.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Stocks Post Longest Rally of Year; Dollar Gains: Markets WrapU.S. stocks rose for a sixth consecutive day and the dollar strengthened as investors remained bullish about U.S.-China trade negotiations and key jobs data tomorrow in Washington. info well noted daily maverick
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Rico: Cartoon Friday
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Ghosn’s Prospects Darken as Prosecutors Throw Him Back in JailCarlos Ghosn’s prospects for a legal comeback dimmed after Japanese prosecutors arrested him on fresh allegations that the former chairman of Nissan Motor Co. used millions of dollars from the company for his own purposes.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Friday, April 5: Five Things You Need to Know to Start Your DayTrade deal gets closer, some small progress on Brexit, and more bad news for German manufacturing. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: China Hails `New Consensus’ on Trade, Though Deal Not Ready YetChina and the U.S. claimed progress in talks to end their trade war, with President Xi Jinping pushing for a rapid conclusion and President Donald Trump talking up prospects for a “monumental” agreement that may still be some weeks away.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: The four Brexit scenarios for South African exportsMany South Africans consider Brexit to be exclusively a European issue. In fact, the consequences for SA, and other large trading partners of the UK, could be huge. Nice
Source: dailymaverick - 🏆 3. / 84 Read more »