Placer drops Bre-X bid

Sat, 22 Feb 1997 | Source: REUTERS

VANCOUVER (Reuter): Gold miner Placer Dome Inc reiterated Thursday that it has dropped its US$5 billion merger offer for Bre-X Minerals Ltd.

Placer said the proposal was not viable in light of a development deal announced Monday for Bre-X's Busang gold property in Indonesia that awards operatorship to Freeport- McMoRan Copper and Gold Inc. Placer had said Wednesday that the deal diminished Bre-X's value.

"We intend to watch further developments with interest, but have no present plans for participation in Busang," Placer chief executive John Willson said.

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