£57m FEES BONANZA AS BIG GAME HUNTER PLOTS MERGER

BANKERS, lawyers and other advisers are set to rake in up to £57.5m in fees from Barrick’s takeover of Randgold Resources.

Canadian gold miner Barrick and London-listed Randgold have outlined plans to join forces to create the world’s largest gold mining business, worth £14bn.

The deal will unite two of the biggest players in gold mining – former Goldman Sachs banker John Thornton, who has run Barrick since 2014, and Mark Bristow, who founded Randgold in 1995. Bristow is under fire after being identified as a prolific big game hunter ( pictured). The combination of the two companies will also lead to a fees bonanza for advisers including Morgan Stanley, Barclays and Freshfields Bruckhaus Deringer. Barrick is expected to spend up to £30m on fees while Randgold is likely to pay out up to £27.5m.

The merged company will be listed in Canada, robbing the London Stock Exchange of its biggest gold miner. Bristow, 59, faced condemnation last week after he was identified as a prolific animal hunter. Pictures emerged showing him posing with a gun alongside dead animals, including elephants, buffalo and zebras.

Randgold stressed the benefits of legal hunting and its investments in biodiversity.