Newmont takes a bite, mid-caps wait for the crumbs

Big deals trigger further deals, so you can understand why Australia’s mid-cap gold miners were salivating at Monday’s news that the industry’s apex predator Newmont Corporation was hot on the tail of the biggest fish in the local pond.

Should Newmont succeed in devouring Newcrest, it will no doubt want to own and expand the Cadia mine in NSW. Newcrest’s stake in Ecuadorian explorer SolGold was worth about $84 million on Monday, and while it shapes as a good long-term prospect, a split in the share register isThe owner of the tenements that surround SolGold, Gina Rinehart, would no doubt be interested if Newcrest’s stake came on the market.

“To defend a potential takeover, the Newcrest board may release additional information to the market on key projects such as Havieron, Red Chris and Golpu,” he said, in reference to three of Newcrest’s pre-revenue growth options.“Non core assets might be considered for sale, such as Telfer-Havieron ... or Newcrest’s 32 per cent stake in Lundin Gold.”

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