Will the pursuit of scale pan out for big gold miners?

A steep and structural increase in the gold sector's cost base has raised debate about whether big miners like Barrick and Newmont should continue to push for scale or instead focus on shareholder returns.

The on-again, off-again merger discussions between Canada’s Barrick Gold and Newmont Mining of the US underscores what a mess the pursuit of size has made of the gold-mining sector.

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