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Argentina Gold Hopes for Newmont Bid Before Jan. 9, Paper Says
Toronto, Jan. 2 (Bloomberg) -- Argentina Gold Corp. is hoping Newmont Mining Corp. will make a friendly bid for the Vancouver, British Columbia-based exploration company to counter a hostile C$4-a-share bid from Toronto-based Barrick Gold Corp., the National Post reported. Bill Rand, chairman of Argentina Gold's independent committee of directors formed to study Barrick's offer, hopes to get an answer from Denver-based Newmont before Jan. 9. Rand said Argentina has signed confidentiality agreements with Newmont and three other mining companies, the paper said.
Barrick, North America's second-largest gold producer behind Newmont, on Dec. 9 made a hostile offer of C$4 a share for the 90.1 percent of Argentina it didn't already own, after a higher offer of C$5.50, contingent on insider support, broke down.
(NP 1/2 D3 online edition: www.nationalpost.com)
13:28:31 01/02/1999
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