An Australian gold miner has announced it will back a mammoth takeover offer in one of the biggest buyouts of the year.
An Australian gold producer has confirmed its support for a $28.8bn takeover by the world?s biggest gold miner.
The board of Newcrest Mining Ltd revealed its decision on Monday, backing the deal with its rival which, if successful, would constitute one of the biggest buyouts globally so far this year.
Should the transaction go ahead, the potential buyer, Newmont Corp, would become the largest gold and copper producer by market capitalisation in the US.
Newmont would see a combined annual copper production of approximately 350 million pounds from Australia and Canada out of the takeover.
The Denver-based miner would also have approximately 8 million ounces of total combined annual gold production, with more than 5 million gold ounces across 10 long-life and low-cost mines.
The company?s chairman, Peter Tomsett, said the takeover would bring forward ?significant value? to Newcrest investors, and that the board had unanimously recommended the proposal.
?In addition to the ongoing benefits of merging these premier portfolios, the combined group will set a new benchmark in gold production while benefiting from a material and growing exposure to copper and a market leading position in safety and sustainability,? he said.
?We believe our shareholders and other stakeholders can look forward to an exciting and prosperous future.?
More: https://www.news.com.au/finance/business/mining/newcrest-board-approves-28b-takeover-by-denverbased-newmont/news-story/55357cf8b2c81932c20b07308ec25ca8
An Australian gold producer has confirmed its support for a $28.8bn takeover by the world?s biggest gold miner.
The board of Newcrest Mining Ltd revealed its decision on Monday, backing the deal with its rival which, if successful, would constitute one of the biggest buyouts globally so far this year.
Should the transaction go ahead, the potential buyer, Newmont Corp, would become the largest gold and copper producer by market capitalisation in the US.
Newmont would see a combined annual copper production of approximately 350 million pounds from Australia and Canada out of the takeover.
The Denver-based miner would also have approximately 8 million ounces of total combined annual gold production, with more than 5 million gold ounces across 10 long-life and low-cost mines.
The company?s chairman, Peter Tomsett, said the takeover would bring forward ?significant value? to Newcrest investors, and that the board had unanimously recommended the proposal.
?In addition to the ongoing benefits of merging these premier portfolios, the combined group will set a new benchmark in gold production while benefiting from a material and growing exposure to copper and a market leading position in safety and sustainability,? he said.
?We believe our shareholders and other stakeholders can look forward to an exciting and prosperous future.?
More: https://www.news.com.au/finance/business/mining/newcrest-board-approves-28b-takeover-by-denverbased-newmont/news-story/55357cf8b2c81932c20b07308ec25ca8
