John Quinn, Newcrest’s managing director for nine years until 1997 and a Newmont-Newcrest man for 27 years, believes a Newmont takeover of the $8.6 billion Newcrest is inevitable.
Now chairman of the Victorian gold producer Perseverance Corporation, Mr Quinn recently told his shareholders that the world’s big gold miners would continue to seek opportunities to acquire quality assets.
“The impetus to consolidate is driven by the inability of larger producers to sustain production in the face of diminishing reserves, low discovery rates, ever-expanding project development timetables and increasing costs,” Mr Quinn said.
