Word: newmont
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Wall Street investors expect that other mining companies will soon become targets for takeover bids. They include copper producer Phelps Dodge, Newmont Mining, a major copper and gold producer, and Asarco, the silver and copper concern. Notes Analyst Clark: "The idea is buy low, sell high. And I think copper prices will up faster than oil prices...
...thar hills. In the past three weeks three companies have announced important new discoveries in northern California and Nevada. Homestake Mining Co., the nation's largest gold producer, tapped a vein that holds more than 1 million oz. of gold in California's wine-rich Napa County. Newmont Mining Corp. has uncovered gold deposits near Elko, Nev., that should yield about 440,000 oz. Louisiana Land and Exploration Co. made known last week that it had found ore containing both gold and silver near Round Mountain...
...what other coppermen see as more than generous terms. Kennecott could well afford the settlement. The company is sitting on a comfortable cushion of $1.2 billion in cash and securities-the proceeds of an enforced sale of Peabody Coal, which Kennecott acquired in 1968, to a consortium led by Newmont Mining. The Federal Trade Commission ruled in 1971 that Kennecott's Peabody purchase violated antitrust rules barring concentration in any given industry, arguing that the company could have entered the coal business by investing its own capital. After a five-year rear-guard battle against the FTC ruling...
...cool $1 billion. So far, however, Cities Service Corp., the Tennessee Valley Authority and a privately owned coal-exporting firm called ICM-Carbomin International have either formally or informally dropped out of contention. While the other two-both syndicates of electric utilities-keep on negotiating, a consortium headed by Newmont Mining Corp. has appeared a last likely bidder. But this group is said to have offered only $800 million for Peabody, and whether it can or will go to $ 1 billion is uncertain...
THOUGH Harvard is not involved in Newmont or American Metal, it does own stock in Phillips Petroleum and Continental Oil. Shareholder resolutions ask these two companies to cease all onshore and offshore explorations in Namibia...