(News Bulletin 247) – Newmont Corporation announces today that following a due diligence, it has entered into a binding agreement to implement the plan under which Newmont will acquire 100% of the issued share capital of Newcrest by through a plan of arrangement approved by an Australian court.
“The combination of Newmont and Newcrest creates a market-leading portfolio with a multi-decade gold and copper production profile in the world’s most favorable mining jurisdictions,” said Tom Palmer, Chief Executive Officer of Newmont. .
He added: ‘This transaction increases Newmont’s annual copper production and adds nearly £50 billion of Newcrest’s copper reserves and resources to our portfolio.’
Significant opportunities for optimization are expected. Annual synergies are estimated at $500 million before tax and are expected to be realized within the first 24 months.
The plan is unanimously recommended by the Newcrest board. The transaction is subject to customary conditions, including shareholder approval, and is expected to close in the fourth quarter of 2023.
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