Newmont Completes $17bn Acquisition of Newcrest Mining, Securing High-Quality Gold Operations and Significant Synergies.

US-based Newmont has completed its $17bn acquisition of Australian gold mining company Newcrest Mining, with over 96% of shareholders voting in its favour. The acquisition aims to strengthen Newmont’s position through the combination of high-quality operations, projects, and reserves concentrated in low-risk jurisdictions, including 10 Tier 1 operations. The deal also generates annual pre-tax synergies of $500m within the first 24 months after the completion of the deal, and can bring a minimum of $2bn in cash improvements through portfolio optimisation within two years after closing. The transaction was suspended from the Australian Stock Exchange, Papua New Guinea National Stock Exchange (PNGX), and the Toronto Stock Exchange until 2023.