Newmont and Newcrest Mining have announced the companies’ shareholders have voted in favour of Newmont’s $26.2 billion acquisition of Newcrest.
More than 96 per cent of votes cast at a special Newmont shareholder meeting held on October 11 were in favour of approval.
“Recognising the strategic rationale to create the industry’s strongest portfolio of world class gold and copper assets, Newmont’s shareholders overwhelmingly voted in favour of this transformational transaction,” Newmont president and chief executive officer Tom Palmer said.
“This unrivalled platform, featuring the industry’s best talent running the highest concentration of Tier 1 assets in the most favourable jurisdictions, uniquely positions Newmont to generate superior returns for decades.”
More than 92 per cent of the votes cast by Newcrest shareholders in a meeting today were in favour of the acquisition.
Newcrest will apply to the Federal Court of Australia for approval of the scheme of arrangement at a hearing scheduled for October 17 2023.
If the court approves the scheme at the hearing, a copy of the court orders will be lodged with ASIC, following which the scheme will become effective.
Newmont cleared the final hurdle in its acquisition of Newcrest last week after the Securities Commission of Papua New Guinea (SCPNG) has granted necessary exemptions and requested confirmations under PNG capital markets law.
To support the acquisition, Newmont announced key leadership changes earlier this week.
One of these changes included appointing Alwyn Pretorius as Newmont managing director of PNG, as part of its efforts to establish a dedicated business unit in PNG.
