In a move that created the world’s leading gold mining company, Newcrest Mining has been acquired by Newmont Corporation.
Newcrest has been mining gold in Australia since 1996, and over the past two decades has developed a strong track record of discovering major deposits, including the deposits at Cadia Hill, Cadia East, Ridgeway, Gosowong, and the O’Callaghans tungsten and base metals deposit.
“The successful completion of this transformational acquisition of Newcrest by Newmont marks a historic milestone in both our company and the industry,” said Tom Palmer, Newmont’s President and Chief Executive Officer.
With a background in mechanical engineering, Palmer has spent three decades in the mining industry, including twenty years at Rio Tinto in roles such as COO, Pilbara Mines before moving to Newmont in 2013. Awarded as a top mining CEO in 2023, He became CEO and joined the board of directors of Newmont in 2019, having previously served as COO since 2016.
“Our attention now turns to safely, efficiently, and responsibly integrating Newcrest’s assets and people into Newmont’s proven operating model, so we can accelerate the delivery of our value-focused strategy for all our stakeholders.”
Global gold mining leadership
Newmont holds more than half of the tier 1 assets in the world, giving the company an unmatched portfolio of long-life operations, value-accretive projects, abundant exploration opportunities, and world-class talent
Within the first two years, Newmont’s acquisition of Newcrest is expected to generate annual pre-tax synergies of US$500m alongside at least US$2bn in cash improvements through portfolio optimisation.
Over the coming months and years, Newmont plans to use its developed position to maintain industry leadership in ESG performance and strengthen the company position as the responsible gold mining leader through the combination of high-quality operations, projects and reserves concentrated in low-risk jurisdictions.
The acquisition was the largest corporate takeover in Australia in 2023 at US$16.81bn.
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