Newmont’s acquisition of Newcrest Mining Ltd. adds more exposure to gold at a time when bullion is testing a record high. Read more
The transaction, now unanimously approved by Newcrest’s board but pending regulatory approval, is the gold mining sector’s largest deal to date, surpassing Newmont’s purchase of rival Goldcorp Inc. in 2019. Newcrest, whose then chief executive officer stepped down abruptly at the end of last year, rejected initial overtures, though it had indicated earlier this month that it planned to recommend an improved takeover offer from its suitor.
Gold miners worldwide are facing the prospect of stagnating production as they contend with harder-to-mine deposits and rising input costs. That’s seen as a catalyst for more mergers and acquisitions, as companies seek to increase their size to boost volumes and improve efficiencies.Article content Newcrest’s Telfer and Havieron mines in Western Australia are likely to be among assets to be earmarked for sales, because the former is too mature and the latter too small for the enlarged Newmont, according to Daniel Morgan, an analyst with Sydney-based investment bank Barrenjoey.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australian gold miner Newcrest backs Newmont’s US$17.8 billion offerThe merger is set to be the third-largest deal ever involving an Australian company and the third-largest globally in 2023, according to data from Refinitiv and Reuters’ calculations
Read more »
Newmont enters into a definitive agreement to acquire NewcrestA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »
Australian gold miner Newcrest backs Newmont’s US$17.8 billion offerThe merger is set to be the third-largest deal ever involving an Australian company and the third-largest globally in 2023, according to data from Refinitiv and Reuters’ calculations
Read more »
Newmont enters into a definitive agreement to acquire NewcrestA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »
Oneok to buy Magellan Midstream in deal worth US$18.8B - BNN BloombergOneok Inc. agreed to buy Magellan Midstream Partners LP in an US$18.8 billion cash-and-stock transaction that would create one of the largest US oil and natural gas pipeline operators.
Read more »
Windsor mayor calls out Ottawa after Stellantis accuses feds of failing on plant dealOne of the world\u0027s biggest automakers says the federal government has not lived up to its deal to build a battery plant in Windsor, Ont.
Read more »