The Securities Commission of Papua New Guinea (SCPNG) has granted the necessary exemptions and confirmations under PNG capital markets to allow Newmont to proceed with its acquisition of Newcrest.
Newmont president and chief executive officer Tom Palmer thanked the PNG Government for the approval.
“We look forward to building strong and mutually beneficial partnerships with the government and people of Papua New Guinea to generate lasting shared value and meaningful economic development through the world-class Lihir gold mine and the highly prospective Wafi-Golpu gold and copper project,” he said.
“As the world’s leading gold company, we recognise PNG’s significant, untapped economic potential and support providing its citizens the opportunity to invest in and benefit from our operations, projects and social contributions.”
Newmont had previously received clearance from:
- Independent firms Institutional Shareholder Services and Glass Lewis
- Australia’s Foreign Investment Review Board
- Japan’s Fair Trade Commission
- the Australian Competition and Consumer Commission
- the Korean Fair Trade Commission
- PNG’s Independent Consumer and Competition Commission
- the Canadian Competition Bureau
Newmont is currently established a dedicated business unit in PNG and has appointed Alwyn Pretorius as its managing director.
Once the acquisition is finalised, Newmont will also establish a secondary listing of Newmont stock depositary interests on the PNG stock exchange from transaction closing.
The Newmont–Newcrest merger has been ongoing since May 14, when Newmont announced the definitive agreement to acquire the gold miner.
