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Merge or die, major gold miners told by Randgold's Bristow
By Thomas Biesheuvel
Business Day, Johannesburg, South Africa
Friday, November 6, 2015
LONDON -- The biggest gold miners, weighed down by record debt and with prices near a five-year low, will have to merge with others to survive, according to Randgold Resources, the best-performing producer of the metal in the past 10 years.
"The big producers have the biggest challenges of all," Randgold CEO Mark Bristow said on Thursday. "Eventually, you're going to see survival mergers."
Gold's 42-percent price slump from a record set four years ago is cutting profits and stressing balance sheets for mining companies, with the largest producers weighed down by debt totalling almost $35 billion.
In September the benchmark 30-member Philadelphia Stock Exchange gold and silver index, which includes Barrick Gold and Newmont Mining, fell to the lowest level since 2000. ...
... For the remainder of the report:
http://www.bdlive.co.za/business/mining/2015/11/06/merge-or-die-major-go...
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