Newmont receives all necessary government approvals for Newcrest acquisition

Newmont Corporation has received all necessary government approvals to proceed with the acquisition of Newcrest Mining (ASX:NCM).

The Securities Commission of Papua New Guinea (SCPNG) has granted the necessary exemptions and other requested confirmations under PNG capital markets law. This follows the Philippine Competition Commission (PCC) indicating its approval.

Newmont president and chief executive Tom Palmer says the company looks forward to building a strong relationship with Papua New Guinea.

“We look forward to building strong and mutually beneficial partnerships with the government and people of Papua New Guinea to generate lasting shared value and meaningful economic development through the world-class Lihir gold mine and the highly prospective Wafi-Golpu gold and copper project,” he said.

“As the world’s leading gold company, we recognise 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.”

Newmont recently established a dedicated Business Unit in PNG and appointed Alwyn Pretorius as managing director. The company also plans to establish a secondary listing of Newmont stock depositary interests on the PNGX (the Papua New Guinea stock market) from closing of the transaction.

Subject to the satisfaction of customary closing conditions, Newmont and Newcrest expect the transaction to close in Q4 2023.