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Gold research firm Shareholders’ Gold Council (SGC) on Monday criticized Goldcorp Inc’s decision to approve an additional payment for chairman Ian Telfer with regard to its proposed merger with Newmont Mining Corp.

According to a Goldcorp circular cited by SGC, Telfer will be entitled to a lump-sum retirement allowance of about $12 million. He was previously entitled to $4.5 million.

“While Goldcorp is telling its shareholders to sell their shares close to a 13-year low, Goldcorp management stands to reap over $33 million in potential change-of-control payments,” the statement said.

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SGC’s disclosed founding members include Adrian Day Asset Management and Paulson & Co Inc, which together held a less than 1 per cent stake in Goldcorp, as of Dec. 31, according to data from Refinitiv.

Newmont said in January it would buy Goldcorp for $10 billion, creating the world’s biggest gold producer.

Barrick Gold Corp on Monday withdrew its $18 billion bid for its biggest rival Newmont, a proposal that involved the U.S. gold miner ditching its takeover of Goldcorp.

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