U.S.-based Newmont said its shareholders overwhelmingly voted in favor of the proposed acquisition of Australian rival Newcrest Mining. The deal will create a world-class portfolio of gold and copper assets.
“This unrivalled platform, featuring the industry’s best talent running the highest concentration of Tier One assets in the most favorable jurisdictions, uniquely positions Newmont to generate superior returns for decades,” said Tom Palmer, Newmont’s president and chief executive officer.
Newcrest shareholders also approved the nearly $17 billion takeover with 92.63% of the votes cast in favor of the acquisition.
All government regulatory approvals necessary for the transaction to proceed have been secured. Both companies anticipate the transaction to close in early November.
Upon closing, the combined company will deliver a multi-decade production profile from 10 large, long-life, low-cost Tier 1 operations, and increased annual copper production, primarily from Australia and Canada.