Court decision, Gold, M&A, Newcrest, Newmont, News

Federal Court approves Newmont acquisition

Newmont’s $26.2 billion acquisition of Newcrest has become legally effective under Australian law, following the lodgement of orders from the Federal Court of Australia with the Australian Securities and Investments Commission (ASIC).

This follows on from 84 per cent of Newcrest shareholders voting in favour of the scheme on October 13.

The US gold miner finished securing all necessary government regulatory approvals two weeks ago. It previously received approval from Australia’s Foreign Investment Review Board in mid-September and the Australian Competition and Consumer Commission in late August, among others.

“This milestone represents a pivotal and historic moment in our strategy to create the world’s premier gold and copper company by consolidating Tier 1 assets in the world’s most favourable mining jurisdictions,” Newmont president and chief executive officer Tom Palmer said.

“Once complete, our combined business will feature ten, Tier 1 operations supporting decades of safe, profitable, and responsible gold and copper production, with best-in-class sustainability performance.

“We appreciate Newcrest’s and Newmont’s shareholders’ vote of confidence in our value-focused strategy, proven operating model and seasoned management team.”

Both Newmont and Newcrest expect the transaction to close in early November.

In its September 2023 quarterly released earlier this week, Newcrest announced the safe completion of planned maintenance across its operations.

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