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The intense competition for the extremely early-stage Great Bear, which has no proven gold reserves at its Dixie project, illustrates how rare big gold finds are becoming worldwide.HANDOUT
Five major mining companies engaged in an intense bidding war for Red Lake exploration company Great Bear Resources Ltd.
, with Kinross Gold Corp.
eventually emerging the winner last week.
Three sources familiar with the talks said Canadian heavyweights Barrick Gold Corp.
and Agnico Eagle Mines Ltd.
, as well as Australia’s Evolution Mining Ltd.
and Newcrest Mining Ltd.
, were offered the opportunity to bid on Great Bear. The parties were given access to Great Bear’s confidential data, conducted site visits at Red Lake in Northwestern Ontario and almost all tabled formal offers.
The Globe and Mail is not identifying the sources as they were not authorized to speak publicly on the matter. Kinross, Barrick, Agnico and Evolution declined to comment. Newcrest did not respond to a request for a statement.
once again, a precedent has been set.