"If someone pays 30% above market price, there needs to be a very good explanation for why they are doing it," said Simon Jager, portfolio manager at Flossbach von Storch, which is one of the ten largest investors in Newmont. Several gold rivals have said in recent weeks they are not interested in large acquisitions, including Barrick, Gold Fields (NYSE: GFI ) Ltd and Sibanye Stillwater (NYSE: SBSW ) Ltd. Palmer said that regardless of the outcome of the Newcrest bid, Newmont will develop its 16 billion pounds of copper reserves. REVENUE DECLINES On an adjusted basis, Newmont posted a net income of 44 cents per share for the October-December period, compared with the average analyst estimate of 46 cents. Revenue for the quarter fell 6% to $3.2 billion compared to the year before.