Newmont announces Canadian Competition Bureau Clearance for acquisition of Newcrest
Newmont Corporation announced that the Canadian Competition Bureau issued a “no action” letter clearing Newmont’s previously announced transaction with Newcrest Mining Limited 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.
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.