Newmont receives competition clearance in Australia’s to acquire Newcrest Mining

Newmont has been cleared by the Australian Competition & Consumer Commission to proceed with its proposed acquisition of Newcrest Mining. The ACCC is expected to convey its clearance of the transaction to Australia’s Foreign Investment Review Board for consideration. Newmont continues advancing other regulatory approvals and expects to close the transaction in Q4. Earlier this month, Korea’s Fair Trade Commission and Papua New Guinea’s Independent Consumer & Competition Commission cleared the proposed acquisition. In July, the Canadian Competition Bureau issued a “no action” letter also clearing the transaction. Other regulatory approvals to be secured for Newmont’s proposed acquisition of Newcrest include the Australia Foreign Investment Review Board, the Japan Fair Trade Commission, and the Philippine Competition Commission. Newmont and Newcrest also continue engaging with the PNG Government and regulators about other approvals and clearances for the transaction. The combined business is anticipated to generate annual pre-tax synergies of $500M, expected to be achieved within the first 24 months, while also targeting at least $2B in the first two years after closing through portfolio optimization.