Continuing the consolidation of the global gold mining industry, three midsize North American producers, the Kinross Gold Corporation, Echo Bay Mines Ltd. and TVX Gold Inc., said today that they planned to merge through an exchange of stock. The combined company, which would be the world’s seventh-biggest gold producer, will have a market value of about $2 billion and an annual output of two million ounces. The company, to be based in Toronto, will be 40.3 percent owned by existing Kinross shareholders. Bernard Simon (NYT)
