Business
ISS and Glass Lewis Recommend Newmont Shareholders Vote “FOR” Proposed Acquisition of Newcrest
DENVER / Sep 28, 2023 / Business Wire / Newmont Corporation (NYSE: NEM, TSX: NGT) announced today that independent proxy advisory firms Institutional
About this update from Newmont Corporation
[{"type":"text","content":"DENVER / Sep 28, 2023 / Business Wire / Newmont Corporation (NYSE: NEM, TSX: NGT) announced today that independent proxy advisory firms Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co. (Glass Lewis) recommended that Newmont shareholders vote “FOR” each of the Company’s resolutions in connection with the proposed acquisition of Newcrest Mining Limited (ASX, TSX, PNGX: NCM) at the special meeting of stockholders that will take place virtually on Wednesday, October 11, 2023, at 8:00 a.m. Mountain Daylight Time. Commenting on the proxy advisory firms’ reports, Newmont’s President and Chief Executive Officer, Tom Palmer, said: “Once complete, the combined business will be unlike any gold and copper mining investment available in the markets today. Newmont and Newcrest shareholders will own a world-class portfolio of gold and copper assets featuring 10 large, long-life, low cost Tier 1 operations representing more than half of the world’s Tier 1 gold mines. We look forward to completing the acquisition and urge all Newmont shareholders to follow the recommendations of ISS, Glass Lewis and Newmont’s Board of Directors to vote ‘FOR’ each of the resolutions relating to the proposed transaction.” On May 14, 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 of 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 $500 million, expected to be achieved within the first 24 months, while also targeting at least $2 billion in cash improvements through portfolio optimization in the first two years after closing.1 Newmont and Newcrest anticipate the transaction closing in the fourth quarter of this year, subject to the satisfaction of customary closing conditions and regulatory approvals. 1 See cautionary statement for additional information. About Newmont Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, ...