Newmont declares shareholder approval for $10bn Goldcorp takeover

By Daniel Brightmore
Newmont's shareholders have followed suit and voted near in favour of the plan to become a combined company with Goldcorp. The $10bn deal, whereby Newm...

Newmont's shareholders have followed suit and voted near in favour of the plan to become a combined company with Goldcorp. 

The $10bn deal, whereby Newmont will acquire all outstanding common shares of Goldcorp, was approved near unanimously with over 98% of the votes from its shareholders in favour.

Newmont’s chief executive Gary Goldberg commented: “We thank Newmont’s shareholders for their overwhelming support for this compelling value creation opportunity as we build the world’s leading gold company.”

Newmont and Goldcorp expect the transaction to close in the second quarter of 2019. Upon the closing of the transaction, the combined entity will be called Newmont Goldcorp and will target 6-7 million ounces of steady-state gold production over a decades-long time horizon.

Newmont Goldcorp expects to begin delivering a combined $365 million in annual pre-tax synergies, supply chain efficiencies and full potential improvements representing the opportunity to create $4.4 billion in Net Present Value.

Related stories:

Newmont announces special dividend on completion of Goldcorp deal

Barrick and Newmont agree Nevada JV, ending merger speculation

Goldcorp announces shareholder approval for combination with Newmont

Read the latest issue of Mining Global here

Newmont Goldcorp is expected to have the largest gold Reserves and Resources in the gold sector, including on a per share basis, across four continents.

Delivering the highest dividends among senior gold producers it will offer financial flexibility and an investment grade balance sheet to advance the most promising projects generating a targeted IRR of at least 15%. 
 

Share

Featured Articles

Environmental certification for Lundin's Candelaria mine

Lundin Mining Corp has announced approval of an EIA to extend operations at the Candelaria copper mining complex in Chile

Lithium Africa and Ganfeng Lithium join hands in Africa

Lithium Africa Resources Corp. and China's Ganfeng Lithium Group Ltd. have created a 50/50 joint venture to accelerate lithium exploration and development

Mesh tech keeps Copper Mountain Mine going during outage

Rajant's Kinetic Mesh networking, BreadCrumb wireless nodes and InstaMesh networking software kept the mine safe at a critical time earlier this year

Diamond mine supports Yellowknife wildfire communities

Sustainability

Launch of China's first mining satellite developed with XCMC

Technology

Perpetua Resources to sign USA Department of Defense deal

Supply Chain & Operations