Newmont shareholders vote to approve acquisition of Newcrest

“Recognising the strategic rationale to create the industry’s strongest portfolio of world-class gold and copper assets, Newmont’s shareholders overwhelmingly voted in favour of this transformational transaction,” said Tom Palmer, Newmont’s President and Chief Executive Officer. “This unrivalled platform, featuring the industry’s best talent running the highest concentration of Tier 1 assets in the most favorable jurisdictions, uniquely positions Newmont to generate superior returns for decades.”

All government regulatory approvals necessary for the transaction to proceed have been secured. Newmont and Newcrest anticipate the transaction closing in early November, subject to the satisfaction of customary closing conditions.

On 14 May 2023, Newmont announced its definitive agreement to acquire Newcrest. The combination would create a world-class portfolio of assets with the highest concentration of Tier 1 operations, primarily in favorable, low-risk mining jurisdictions. Upon closing the transaction, the combined company would deliver a multi-decade production profile from 10 large, long-life, low-cost Tier 1 operations, and increased annual copper production, primarily from Australia and Canada. The combined business is anticipated to generate annual pre-tax synergies of US$500 million, which is expected to be achieved within the first 24 months, while also targeting at least US$2 billion in cash improvements through portfolio optimisation in the first two years after closing.

Read the article online at: https://www.globalminingreview.com/finance-business/13102023/newmont-shareholders-vote-to-approve-acquisition-of-newcrest/