After an almost year-long takeover battle, Newcrest has been officially acquired by Newmont.
Now featuring more than half of the world’s Tier-1 assets, Newmont said its portfolio of long-life operations, value-accretive projects, exploration opportunities, and world-class talent will underpin years of profitable production.
PNG Prime Minister James Marape welcomed Newmont into PNG earlier in November to mark the acquisition.
“(The acquisition) adds value to Papua New Guinea’s global branding as an investment destination,” Marape said. “What this country effectively has now is the world’s number one gold company.”
Marape noted that both Newmont and Barrick, two of the world’s largest gold companies, are now both operating in PNG.
“The fact that Newmont decided to come in and acquire Newcrest, with Lihir and Wafi-Golpu among the top of Newcrest’s assets, is an affirmation of PNG as a mining investment destination,” he saud.
“We now have the benefit of having two of the top gold companies in the world in residence in our country.”
Newmont president and chief executive officer Tom Palmer said the acquisition was a historic milestone.
“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,” he said.
Newmont will conduct an initial public offering on the Port Moresby Stock Exchange to allow the PNG public to purchase shares of stock to the value of K100 million.
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