Newmont Corporation has announced that all of the government regulatory approvals necessary for the acquisition of Newcrest Mining have now been secured, after the Securities Commission of Papua New Guinea (SCPNG) granted it the necessary exemptions.
The Philippine Competition Commission (PCC) has also indicated its approval of the proposed transaction.
Newmont’s President and CEO, Tom Palmer, thanked Papua New Guinea’s (PNG) Government and said that Newmont is looking forward to building strong and mutually beneficial partnerships with the government and people of PNG to generate lasting shared value and meaningful economic development through the Lihir gold mine and the Wafi-Golpu gold and copper project.
“As the world’s leading gold company, we recognize PNG’s significant, untapped economic potential and support providing its citizens the opportunity to invest in and benefit from our operations, projects and social contributions,” Mr Palmer said.
Newmont also announced that it has taken steps to establish a dedicated Business Unit in PNG with the appointment of Alwyn Pretorius, who will assume the role of Managing Director and be based in Port Moresby. Newmont also plans to establish a secondary listing of Newmont stock depositary interests on the PNGX from closing of the transaction.
On 14 May 2023, Newmont announced its definitive agreement to acquire Newcrest.
The combination is expected to create a world-class portfolio of assets with the highest concentration of Tier One operations, primarily in favourable, low-risk mining jurisdictions.
Newmont and Newcrest anticipate the transaction closing in the fourth quarter of 2023, subject to the satisfaction of customary closing conditions.
Newmont stockholders will vote on the proposed transaction on 11 October 2023, at 8:00am. MDT and Newcrest’s shareholder vote will take place on Friday 13 October 2023, at 10:30am.
