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The Globe and Mail: Five big mining companies bid for Great Bear
Inside the Bidding War for Great Bear that Saw Kinross Emerge as Winner
By Niall McGee
The Globe and Mail, Toronto
Friday, December 17, 2021
Five major mining companies engaged in an intense bidding war for Red Lake exploration company Great Bear Resources Ltd., with Kinross Gold Corp. eventually emerging the winner last week.
Three sources familiar with the talks said Canadian heavyweights Barrick Gold Corp. and Agnico Eagle Mines Ltd., as well as Australia’s Evolution Mining Ltd. and Newcrest Mining Ltd. were offered the opportunity to bid on Great Bear. The parties were given access to Great Bear's confidential data, conducted site visits at Red Lake in northwestern Ontario and almost all tabled formal offers.
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The Globe and Mail is not identifying the sources as they were not authorized to speak publicly on the matter. Kinross, Barrick, Agnico, and Evolution declined to comment. Newcrest did not respond to a request for a statement.
"I can't really comment on the internal details of the Kinross transaction, other than to confirm it was multi-party," Chris Taylor, chief executive officer of Great Bear, wrote in an e-mail to The Globe. ...
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