Newmont receives Papua New Guinea ICCC clearance for Newcrest acquisition

Newmont Corporation has received clearance from Papua New Guinea’s (PNG) Independent Consumer & Competition Commission (ICCC) to proceed with the proposed acquisition of Newcrest Mining (ASX:NCM).

In consultation with Newcrest, Newmont has also determined that no premerger notification under the Hart-Scott-Rodino Act will be required in the United States for the transaction to move forward.

Newmont president and chief executive Tom Palmer commented on the ICCC outcome.

“We appreciate the ICCC in Papua New Guinea carefully reviewing and clearing our proposed acquisition of Newcrest,” he said.

“We remain committed to building strong, mutually beneficial and long lasting relationships with PNG’s government and local communities.

“As part of this commitment, Newmont plans to establish PNG as a standalone fifth region in our portfolio with an in-country senior leadership presence and pursue a secondary listing on Newmont depositary interests on the PNGX.”

Other regulatory approvals include the Australian Competition and Consumer Commission, the Australia Foreign Investment Review Board, the Japan Fair Trade Commission, the Philippine Competition Commission and the Korea Fair Trade Commission.

Newmont and Newcrest are continuing to engage with the PNG Government and regulators regarding other approvals and clearances for the proposed transaction.

The companies expect to close the transaction in the fourth quarter of this year.