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Newmont Mining Corp.’s $1.52 billion cash offer for Miramar Mining Corp. is too low, Van Eck Associates Corp. said.
“I’m not happy with the price,” Joe Foster, who helps manage mining shares for New York-based Van Eck, said today in a telephone interview. Newmont’s offer of C$6.25 a share “is not enough, given what they’ve got and the potential. My calls are in, and they know where I stand.” Miramar’s board supports the offer by Denver-based Newmont, the world’s second-largest gold producer. Van Eck owned 3.3 percent of Vancouver-based Miramar as of June 30, according to Bloomberg data.
