Newmont directors reject £14bn hostile offer from Barrick.

Gary Goldberg CEO of Newmont has hit out at Barrick Gold’s management for its lack of global inexperience as his company rejected the miner’s £14bn ($18bn) offer. The takeover bid came months after Barrick completed its $6bn acquisition of Randgold Resources, installing Randgold’s CEO Mark Bristow as head of combined firm. The bid if successful would have created the largest gold miner in the world by far.

Bristow’s proposals came after a period of consolidation within the gold sector as small companies try to gain scale.

Barrick said it will push ahead with a deal which could see Acacia share Tanzanian proceeds with the regime of President John Magufuli.