Newcrest wins over Lihir with $8.5 billion offer

Newcrest wins over Lihir with $8.5 billion offer

MELBOURNE (Reuters) - Australia's top gold miner, Newcrest Mining , agreed a $8.5 billion (5.6 billion pound) takeover of Lihir Gold on Tuesday, signalling a hunger for foreign income among local miners after Canberra hit them with a new tax. Newcrest clinched the deal with a higher offer for the Papua New Guinea-focussed miner, creating the world's fourth-largest listed gold miner, just two days after Australia stung miners with a 40 percent tax on profits derived from domestic mines.

source: iii.co.uk