News: NCM UPDATE 1-Australia's Newcrest rejects $16.9 bln bid from Newmont

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Feb 16 (Reuters) - Newcrest Mining (NCM) said on Thursday it has rejected the $16.9 billion offer from U.S.-based Newmont Corp NEM.N , saying it does not represent sufficient value for Newcrest shareholders.

"The board has considered the indicative proposal and has unanimously determined to reject the offer," Newcrest said.

Australia's No. 1 gold miner, however, said it was prepared to provide access to limited, non-public information on a non-exclusive basis to Newmont for an improved proposal.

Reuters had reported on Feb. 7 that Newmont was open to slightly increasing its offer amid concerns its current bid was too low after recent leadership changes at the Australian company.

Already the world's largest gold producer by market value and ounces produced, Newmont would become a gold mining behemoth should it prevail in its bid for Newcrest. The newly combined company would produce nearly twice as much of the yellow metal as closest rival Barrick Gold Corp ABX.TO .