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Spin-off may transform local gold sector

ANALYSTS are suggesting a rumoured spin-off of Barrick Gold and Newmont Mining's Australian assets may create a peer for local market leader Newcrest Mining.

The Wall Street Journal reported over the Easter break that merger talks between Barrick, the world's largest gold miner by market capitalisation and production, and Newmont, the world's third-largest producer, had broken down.

It was reported by Bloomberg that Barrick would offer Newmont a 13% premium.

Barrick, with a market cap of nearly $US21 billion ($A22.6 billion), produced 7.1 million ounces of gold in 2013, while Newmont, worth about $12.9 billion, produced 5.1Moz.

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Padbury extends suspension

PADBURY Mining has again extended its voluntary suspension, while confirming the parties involved with a proposed $US6.4 billion ($A6.8 billion) funding package to build the Oakajee port and rail project at Geraldton.

The company, which extended its suspension for the third time since going into a trading halt on April 11, said it expected to make an announcement tomorrow.

For the first time, Padbury formally confirmed the identity of the involved parties after media reports named them last week.

The proposed backers are Alliance Super Holdings and Superkite

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Norton makes a move on Bullabulling

ACQUISITIVE producer Norton Gold Fields has made an off-market takeover offer for smaller developer Bullabulling Gold, which Bullabulling says undervalues the company.

Norton announced the offer of A7c cash per share late on Thursday afternoon before the Easter break.

The offer represents a 30% premium to Bullabulling's April 17 closing price and a 32% premium to the 30-day volume weighted average price of shares.

Norton noted the offer price represented a 77% premium over the prices at which Bullabulling recently issued shares to executives as bonuses for 2013.

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BHP opens Jimblebar

WESTERN Australian Premier Colin Barnett has today formally opened BHP Billiton's Jimblebar iron ore mine near Newman.

The opening was a case of second time lucky for BHP, after the company was forced to cancel the original event in November due to unsafe conditions on the runway at Newman airport.

The event was attended by BHP Billiton Iron Ore president Jimmy Wilson and joint venture participants ITOCHU Corporation and Mitsui & Co.

BHP owns 85% of the new mine, with its share of investment coming in a $US3.2 billion ($A3.4 billion).

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Newcrest set to deliver on full-year target

DESPITE an 11% drop in quarterly gold production, Newcrest Mining is confident it will meet the top end of its full-year guidance as Sandeep Biswas prepares to take over the top job in July.

Quarterly gold production was 551,590 ounces due to a higher level of maintenance activity.

However, it was better than Macquarie Securities' estimate of 528,000oz gold.

Gold production at Cadia Valley and Lihir was 12% lower due to maintenance, 19% down at Telfer in line with plan and 10% lower at Gosowong due to grade.

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