It may create the world's biggest gold producer, at least in terms of output. That excites those who foresee the industry consolidating into a few mammoth firms, or those simply feverish from the surge that carried gold briefly to $437 an ounce this week. But so far the bid by Harmony, a South African gold miner, to grab Gold Fields, a bigger local rival with tempting ore reserves, has led mainly to hype. In New York this week Harmony's ebullient chief, Bernard Swanepoel, raged that Gold Fields had labelled him "a criminal" by saying that he exaggerated his firm's reserves. His rivals lack judgment, he jeered, wasting money on thick office carpets, instead of mining the yellow stuff. Gold Fields hit back, sneering that Harmony's share price had slumped by some 17% since it announced its "ill-conceived" and unwanted bid on October 18th.
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