Newcrest Rejects Newmont’s Initial Bid
Newmont’s A$24 billion ($16.7 billion) proposal offered 0.38 Newmont shares per Newcrest share, which would result in the combined company 30% owned by Newcrest and 70% owned by Newmont. The world’s largest gold miner, Newmont operates a portfolio of world-class gold mines, located in North America, South America, Australia, and Africa. With mines located in Australia, Canada and Papua New Guinea, Newcrest owns and operates a portfolio of predominantly low-cost, long-life operations and has a strong pipeline of brownfields and greenfield exploration projects.
“We believe a combination of Newmont and Newcrest presents a powerful value proposition to our respective shareholders, workforce and the communities in which we operate,” said Tom Palmer, president and CEO of Newmont. “The proposed transaction would join industry-leading portfolios of assets and projects to create long-term value across the combined global business.”