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Peter Munk, the founder and chairman of Barrick Gold, has hailed the potential benefits of merging the world’s largest gold miner with its US rival Newmont Mining, saying that investors should welcome the cost cuts and lower political risk that a combination could deliver.

Barrick said Monday it wants to take advantage of a “rarely” available opportunity to buy a well-established, large copper miner by acquiring Equinox and beating a rival hostile bid for the company.<Chinese-owned Minmetals Resources submitted in its own hostile bid valued at $6.3 billion earlier this month, but withdrew its bid early Tuesday.

Newmont Mining Corp, Teck Resources, private equity firm Blackstone Group and Magris Resources – a company led by former Barrick ceo Aaron Regent – are discussing a partnership to make a bid for Glencore Xstrata's $5.9 billion Las Bambas copper project in Peru, according to local media.

Freeport-McMoRan Copper & Gold Inc. is looking to sell its large Candelaria copper mine in Chile, an asset sale that could raise several billion dollars, according to people familiar with the matter. The mine has attracted interest from Magris Resources Inc., a Toronto-based mining-investment vehicle headed by former Barrick Gold Corp. chief executive Aaron Regent, according to these people. Phoenix-based Freeport, which...