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MELBOURNE, Feb 6 (Reuters) - Global gold miner Newmont Corporation (NEM.N) has made an indicative $16.9 billion takeover offer for Australia's No. 1 goldminer Newcrest Mining Ltd. (NCM.AX), Newcrest said on Monday in a deal that would leverage both miners' operations in Australia and Canada. The offer price implies a premium of about 21% to Newcrest's last closing value of A$22.450, where Newcrest shareholders will receive 0.380 Newmont shares per every Newcrest share. "The Newcrest board, together with its financial and legal advisers, is considering the indicative proposal," the Australian gold miner said. The offer follows a rejected stock bid of 0.363 Newmont share per every Newcrest share, which the Australian gold miner consider "would not deliver sufficiently compelling value to Newcrest shareholders and on that basis".

☆ Ghana orders mining firms to sell 20% of refined gold to c.bank
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

ACCRA, Nov 25 (Reuters) - Ghana has ordered all large-scale mining companies to sell 20% of their entire stock of refined gold at their refineries to the Bank of Ghana from Jan. 1, 2023, Vice-President Mahamudu Bawumia said on Facebook on Friday. All community mining schemes and licensed small-scale miners will also have to sell their gold to the government through PMMC from the same date onwards. "The gold to be purchased by the Bank of Ghana and the PMMC will be in cedis at spot price with no discounts," he added. However, Bank of Ghana Communications Officer Sam Opoku told Reuters he could not confirm or deny whether Bawumia's order was being considered. Gold miners Newmont Corp (NEM.N), Gold Fields Ltd (GFIJ.J), AngloGold Ashanti Ltd (ANGJ.J), Galiano Gold Inc (GAU.TO) and Asante Gold Corp (ASE.CD), all of which have gold mines in Ghana, did not immediately respond to Reuters' requests for comment.

SummarySummary Companies Barrick now expects to exceed 2022 cost guidanceQ3 profit down 30% as gold production falls by 9%All-in sustaining costs up 22.7% from last yearNov 3 (Reuters) - Barrick Gold Corp (ABX.TO), shares hit their lowest level since March 2020 on Thursday after the world's second-biggest gold miner reported a 30.1% drop in third-quarter profit due to weak production and higher costs. Toronto-listed shares were down 6.9% to 18.26 Canadian dollars, on track for their biggest one-day drop in two years. The cost increase was largely down to a 9% fall in gold production from 1.09 million ounces to 988,000 ounces, CEO Mark Bristow told Reuters in an interview. Barrick remains on track to achieve its 2022 production guidance, Bristow said in a statement. Gold prices declined 8% during the third quarter as global central banks raised interest rates to battle surging inflation.

☆ Newmont CEO sees inflation pressure easing into the fourth quarter
▼ + stars: | 2022-11-01 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: A small toy figure and gold imitation are seen in front of the Newmont logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration(Reuters) -Newmont Corp’s chief executive assured investors that inflationary pressures were abating and should help the gold miner improve performance in the current quarter, after lower gold prices and surging costs dented third-quarter earnings. “We are starting to see some relief across energy and consumable costs coming into the fourth quarter, and then seeing that play out into 2023,” said CEO Tom Palmer. The company is also seeing high levels of cost inflation on the services it contracts during mining, Palmer said. Gold prices were down 8% in the third quarter, their worst performance since March 2021, primarily on hawkish interest-rate hikes by central banks around the world in the face of unrelenting inflation.

☆ Finance Chiefs Switch Jobs, Retire as Companies Face Uncertainties
▼ + stars: | 2022-10-23 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

This compares with 8% in September 2021 and 11% in the same month in 2020, Russell Reynolds said. It is also leading some companies to prepare for a potential downturn by looking for CFOs with experience in cutting costs or restructuring operations, they added. Photo: NordstromNordstrom, meanwhile, last Monday said finance chief Anne Bramman will leave in December after more than five years in the role. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. That trend is continuing, with the slowing economy forcing finance chiefs into thinking about their next steps, she said.

Baker is the first oilfield services firm to report quarterly results, and its beat bodes well for rivals Schlumberger (SLB.N) and Halliburton (HAL.N), both of which report in coming days. On an adjusted basis, Baker Hughes posted a profit of $264 million, or 26 cents a share, up from $141 million a year earlier. The profit topped analysts' forecasts for around 24 cents per share, according to Refinitiv data. The company anticipates double-digit revenue growth in its international oilfield services business in 2023 and modest growth in its North America business, driven largely by public firms. Its oilfield business segments accounted for about 63% of its revenue during the quarter through September.

☆ Baker Hughes taps Newmont's Nancy Buese as CFO
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

Oct 19 (Reuters) - Oilfield services firm Baker Hughes Co (BKR.O) said on Wednesday Nancy Buese will take over as chief financial officer, effective Nov. 2, replacing Brian Worrell. Buese is currently gold miner Newmont Corp's (NEM.N) CFO and executive vice president. Baker Hughes also reported a higher-than-expected third quarter adjusted profit on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ruhi Soni in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Baker Hughes Recruits New CFO as It Seeks Cost Savings
▼ + stars: | 2022-10-19 | by ( Mark Maurer | ) www.wsj.com time to read: +3 min

Baker Hughes Co. hired a gold-production executive to be its next finance chief as the oilfield-services company seeks to reduce costs and boost profit through a reorganization into two business units. Ms. Buese is set to succeed Brian Worrell, who was Baker Hughes’s CFO since 2017. Baker Hughes in recent months has faced high supply-chain costs and volatility in global currencies. Baker Hughes named Nancy Buese as chief financial officer, effective Nov. 2. Photo: Baker Hughes Co.

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