Barrick Gold Says It Has Looked at Possible Deal With Newmont

By Allison Prang and Jacquie McNish

Barrick Gold Corp. said it has considered a deal to merge with Newmont Mining Corp.

Bloomberg reported on Thursday that the second-largest gold producer had looked at bidding for Newmont.

"Barrick Gold Corporation today confirmed that the Company has reviewed the opportunity to merge with Newmont Mining Corporation in an all-share nil premium transaction," the company said in a statement. "No decision has been taken at this time."

Newmont recently agreed to buy gold mining company Goldcorp Inc. in a stock deal worth $10 billion. The deal would make Newmont the biggest gold miner.

Barrick Gold Chief Executive Mark Bristow said recently that Barrick and Newmont hadn't talked about a joint venture. But he said that to lower costs, "it makes sense to work it out" with its competitor.

Mr. Bristow also said that by the end of 2020, he wants to eliminate $200 million in expenses at the company. He was named CEO in January after Barrick and Randgold Resources Ltd. merged.

Write to Allison Prang at allison.prang@wsj.com and Jacquie McNish at Jacquie.McNish@wsj.com

(END) Dow Jones Newswires

February 22, 2019 09:35 ET (14:35 GMT)

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