ME home
 
  SME FaceBook SME Twitter SME LinkedIn RSS Feed

Subscriber or
SME Member Log On

WEB-ONLY CONTENT

Go to SME eNEWS

MINING INDUSTRY EVENTS

Austmine 2019-Mining Innovation the next horizon  - Conference
Apr 21, 2019 - Apr 23, 2019
MiningWorld Russia exhibit  - Exhibit
Apr 23, 2019 - Apr 25, 2019
69th Annual Colorado MPD Conference  - Conference
Apr 25, 2019 - Apr 27, 2019
Women in Mining USA Annual Meeting  - Conference
Apr 25, 2019 - Apr 27, 2019

METAL PRICES


Au
Ag
Pt
Pd
Ni
Cu
Al
Pb

AGGREGATES
AND MINERALS
MARKETPLACE


http://aggregatesmineralsmarketplace.com
The Mining Engineering, SME and NSSGA
Online Buyers Directory Site
The Online Global Mining and Minerals Library Site

Newmont’s acquisition of Goldcorp is expected to close on April 18
April 15, 2019

Newmont Mining Corps.’ $10 billion acquisition of Goldcorp is expected to close on April 18, creating the largest gold mining company in the world to be called Newmont Goldcorp.

The Minister of Innovation, Science and Economic Development Canada cleared Newmont and Goldcorp to proceed with the combination. With this approval, Newmont and Goldcorp can now move forward with closing the transaction, Newmont announced in a press release.
Mexico’s Competition Commission approved the combination in March, following clearance from the Canadian Competition Bureau and the Korea Fair Trade Commission in February.

“With the overwhelming support of both companies’ shareholders and the necessary regulatory approvals in hand, we will close the transaction on April 18th,” said Gary Goldberg, Chief Executive Officer. “We are grateful to our employees, shareholders, partners and government stakeholders for their support and cooperation throughout this process.”

Following transaction close, Newmont Goldcorp will continue trading on the New York Stock Exchange (NYSE) with the ticker ‘NEM’ and will begin trading on the Toronto Stock Exchange (TSX) with the ticker ‘NGT.’ Goldcorp’s common shares will be delisted from the exchanges following closing.

The combined company will have assets in the Americas, Australia and Ghana, and expects to produce between 6 and 7 million ounces of gold annually over the next 10 years and beyond, the parties said.

It will be initially led by Goldberg, who is retiring by the end of the year. Tom Palmer, the company’s current chief operating officer, will then take over as CEO. Goldcorp's Vancouver office, in turn, will become the designated base for North American operations for Newmont Goldcorp.
As part of the transaction, Newmont has committed to sell between $1 billion and $1.5 billion worth of assets over the next two years. It has also promised initial cost savings of $100 million a year.

The assets Newmont-Goldcorp is expected to sell off, combined with mines Barrick plans to sell in the wake of its acquisition of Randgold Resources earlier this year, is expected by analysts to fuel further sector deals.


 

Related article search: