Newmont is a producer of copper, silver, zinc and lead, through its portfolio of assets, prospects and talent in North America, South America, Australia and Africa
Newmont Receives Clearance from Korea Fair Trade Commission to Acquire Newcrest. (Credit: Khusen Rustamov from Pixabay)
Newmont Corporation (NYSE: NEM, TSX: NGT) today announced that the Korea Fair Trade Commission (KFTC) has cleared the Company to proceed with its proposed acquisition of Newcrest Mining Limited (ASX, TSX, PNGX: NCM), stating that the transaction does not violate Korea’s Monopoly Regulation and Fair Trade Law.
Newmont continues advancing other regulatory approvals and expects to close the transaction in the fourth quarter of this year. Earlier this month, Papua New Guinea’s (PNG) Independent Consumer & Competition Commission cleared the proposed acquisition while the Canadian Competition Bureau issued a “no action” letter in July clearing the transaction.
Other regulatory approvals to be secured for Newmont’s proposed acquisition of Newcrest include the Australian Competition and Consumer Commission (ACCC), the Australia Foreign Investment Review Board (FIRB), the Japan Fair Trade Commission (JFTC), and the Philippine Competition Commission (PCC). Newmont and Newcrest also continue engaging with the PNG Government and regulators about other approvals and clearances for the transaction.
On May 14, Newmont announced its definitive agreement to acquire Newcrest. The combination would create a world-class portfolio of assets with the highest concentration of Tier 1 operations, primarily in favorable, low-risk mining jurisdictions. Upon closing of the transaction, the combined company would deliver a multi-decade production profile from 10 large, long-life, low cost, Tier 1 operations, and increased annual copper production primarily from Australia and Canada. The combined business is anticipated to generate annual pre-tax synergies of $500 million, expected to be achieved within the first 24 months, while also targeting at least $2 billion in the first two years after closing through portfolio optimization.
Source: Company Press Release