Business
Newmont Announces Date of Special Meeting of Stockholders and Filing of Definitive Proxy Statement for Acquisition of Newcrest Mining
Federal Court of Australia Orders Convening of Scheme Meeting and Dispatch of Scheme Booklet DENVER / Sep 07, 2023 / Business Wire / Newmont Corporation
About this update from Newmont Corporation
[{"type":"text","content":"Federal Court of Australia Orders Convening of Scheme Meeting and Dispatch of Scheme Booklet DENVER / Sep 07, 2023 / Business Wire / Newmont Corporation (NYSE: NEM, TSX: NGT) has announced a special meeting of stockholders and the filing of its definitive proxy statement in connection with the Company’s proposed acquisition of Newcrest Mining Limited (ASX, TSX, PNGX: NCM) by way of a Scheme of Arrangement (“Scheme”). Newmont notified stockholders that the meeting will take place virtually on Wednesday, October 11, 2023, at 8:00 a.m. Mountain Daylight Time. Newmont stockholders will be asked to vote on, among other proposals, the issuance of shares of Newmont common stock in connection with the Scheme. Newmont’s Board of Directors unanimously recommends that Newmont stockholders vote in favor of each of the proposals that are included in the definitive proxy statement. Newcrest also announced that the Federal Court of Australia has made orders: That Newcrest convene a meeting of Newcrest shareholders to consider and vote on the Scheme (“Scheme Meeting”); and Approving the dispatch of an explanatory statement providing information about the Scheme, together with the notice of Scheme Meeting (together, the “Scheme Booklet”), to Newcrest shareholders. Newcrest’s shareholder vote will be held in person and online on Friday, October 13, 2023, at 10:30 a.m. Australian Eastern Daylight Time. “Once approved, Newmont and Newcrest shareholders will own an unmatched portfolio of gold and copper assets, including 10 Tier 1 operations, each with the scale, mine life and cost profile to sustain profitable production and best-in-class sustainability performance decades into the future,” said Tom Palmer, Newmont’s President and Chief Executive Officer. 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...