Business
Newmont Announces Canadian Competition Bureau Clearance for Acquisition of Newcrest Mining
DENVER / Jul 18, 2023 / Business Wire / Newmont Corporation (NYSE: NEM, TSX: NGT) today announced that the Canadian Competition Bureau issued a “no action”
About this update from Newmont Corporation
[{"type":"text","content":"DENVER / Jul 18, 2023 / Business Wire / Newmont Corporation (NYSE: NEM, TSX: NGT) today announced that the Canadian Competition Bureau issued a “no action” letter clearing Newmont’s previously announced transaction with Newcrest Mining Limited (ASX, TSX, PNGX: NCM) under Canadian competition law. Newmont is progressing towards receiving regulatory approvals in other jurisdictions for a transaction close expected in the fourth quarter. On May 14, Newmont announced a 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 the first two years after closing through portfolio optimization.1 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, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925. At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com. 1 See endnotes and cautionary statement for additional information. Additional Information about the Transaction and Where to Find It This communication is not an offer to purchase or exchange, nor a solicitation of an offer to sell securities of Newmont Corporation (“Newmont”) or Newcrest Mining Limited (“Newcrest”) nor the solicitation of any vote or approval...