M&A

Glass Lewis okays Barrick-Randgold tie-up

Second proxy advisory firm to back proposed merger

Staff Reporter

This article is 7 years old. Images might not display.

The development follows on an Institutional Shareholder Services recommendation last week that shareholders vote in favour of the merger transaction.

The two gold miners had announced their planned share-for-share merger a month ago in a bid to create "an industry leading gold company with the greatest concentration of Tier One assets", lowest total cash cost position and diversified asset portfolio.

Barrick's strategic partners Zijin Mining and Shandong Gold have both welcomed the proposed merger.

Shandong has said the merger would create a new leading company in the gold industry and bring Shandong new development opportunities. Zijin was "excited to unlock further opportunities in Africa".

Both Randgold (LSE: RRS) and Barrick (TSX: ABX) have seen their share prices rise since mid-September.

They each closed higher on Tuesday, with Randgold up 3.78% in London at £65.34, capitalising it over £6.17 billion, while Barrick closed up 1.57% to C$17.44 in Toronto, valuing it at $20.2 billion.

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

editions

Investor Sentiment Insights 2026

Discover what investors have planned for mining in 2026 in our industry-leading survey

editions

World Risk Insights 2025 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 120 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

ESG Index 2025: Benchmarking the Future of Sustainable Mining

The ESG Index provides an in-depth evaluation of the ESG performance of 60+ of the world’s largest mining companies. It assesses companies across 10 weighted indicators within 6 essential ESG pillars.

editions

Leadership Insights 2025

Leadership Insights reveals key trends in priority mining issues through interviews with 15+ top mining company executives and an industrywide survey.