Goldcorp announced that its shareholders have voted overwhelmingly in favor of the plan of arrangement to combine with Newmont Mining.
Image: Newmont and Goldcorp expect the transaction to close in the second quarter of 2019. Photo: Courtesy of rawpixel from Pixabay.
The Transaction, whereby Newmont will acquire all outstanding common shares of Goldcorp, was approved by greater than 97% of votes cast by Goldcorp shareholders, either in person or by proxy at the Meeting. The report of voting results will be made available on SEDAR later today.
Newmont’s special shareholder meeting will take place on April 11, 2019, where shareholders will be asked to vote on the issuance of Newmont common shares in connection with the proposed transaction with Goldcorp.
Newmont and Goldcorp expect the transaction to close in the second quarter of 2019, subject to approval by Newmont shareholders and the satisfaction of customary closing conditions and regulatory approvals.
Immediately upon the closing of this transaction, the combined entity will be called Newmont Goldcorp, and is expected to: Target 6-7 million ounces of steady-state gold production over a decades-long time horizon;
Begin delivering a combined $365 million in expected annual pre-tax synergies, supply chain efficiencies and Full Potential improvements representing the opportunity to create $4.4 billion in Net Present Value (pre-tax)
Have the largest gold Reserves and Resources in the gold sector, including on a per share basis; Be located in favorable mining jurisdictions and prolific gold districts on four continents; Deliver the highest dividend among senior gold producers;
Offer financial flexibility and an investment-grade balance sheet to advance the most promising projects generating a targeted Internal Rate of Return (IRR) of at least 15 percent;
Feature a deep bench of accomplished business leaders and high-performing technical teams and other talent with extensive mining industry experience; and Maintain industry leadership in environmental, social and governance performance.
Source: Company Press Release.