Newmont Completed Newcrest Acquisition to Create the World’s Largest Gold Company

SEATTLE (Scrap Monster): Newmont Corporation announced that it has successfully completed the acquisition of Newcrest Mining Limited, thus resulting in creation of the world’s leading gold mining business.

The acquisition is expected to strengthen Newmont’s position as the responsible gold mining leader, capable of ensuring decades of safe, profitable and responsible production of not only gold, but also copper. The deal will generate pre-tax synergies of $500 million per year within the first two years. Also, anticipated portfolio optimization will generate at least $2 billion in cash improvements through portfolio optimization, within a period of two years, the company press release said.

ALSO READ: Newmont Announced Top Executive Leadership Appointments 

In addition, the company expressed confidence in maintaining Newmont’s balanced capital allocation priorities and industry-leading non-binding dividend payout. The transaction has created a pool of experienced leaders with extensive mining industry experience. Also, the acquisition is expected to maintain industry leadership in environmental, social and governance (ESG) performance.

Tom Palmer, President and Chief Executive Officer, Newmont Corporation noted that the successful completion of the transformational acquisition of Newcrest by Newmont marks a historic milestone for the company.