Newmont acquires Canadian gold play

MASSIVE gold producer Newmont Mining has launched a $C1.5 billion ($A1.7 billion) friendly takeover bid for Canadian mining Miramar Mining in an attempt to boost its reserves and gold production.

Newmont, which has been pushed from the pedestal of world’s top gold producer by competing Canadian Barrick Gold, announced today it would acquire all outstanding Miramar shares for $C6.25 each.