Newmont Corporation has announced that it has been issued a ‘no action’ letter by the Canadian Competition Bureau, clearing Newmont’s previously announced transaction with Newcrest Mining under Canadian competition law.
Newmont is progressing towards receiving regulatory approvals in other jurisdictions for a transaction close expected in the fourth quarter of 2023.
On 14 May, Newmont announced a definitive agreement to acquire Newcrest. The combination is set to create a world-class portfolio of assets with the highest concentration of Tier One operations, primarily in favourable, low-risk mining jurisdictions.
Upon closing of the transaction, the combined company is expected to deliver a multi-decade production profile from ten large, long-life, low cost, Tier One 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.
