![\"\"](\"https:\/\/northamericanmining.com\/wp-content\/uploads\/2023\/03\/newcrest.png\")
<\/p>\n\n\n<\/p>\n\n\n
U.S.-based Newmont said that the Canadian Competition Bureau issued a \u201cno action\u201d letter clearing its previously announced acquisition of Newcrest Mining under Canadian competition law as the miner progresses toward receiving regulatory approvals in other jurisdictions for a fourth-quarter closing. <\/p>\n\n\n\n
On May 14, Newmont announced a definitive agreement to acquire Newcrest for $17.4 billion. The deal creates a world-class portfolio of assets with the highest concentration of Tier 1 operations, primarily in favorable, low-risk mining jurisdictions. <\/p>\n\n\n\n
Upon closing, the newly combined company will deliver a multi-decade production profile from 10 low-cost, Tier 1 operations and increased annual copper production primarily from Australia and Canada.<\/p>\n\n\n\n
Newmont said the combined business should generate annual pre-tax synergies of $500 million within the first 24 months, while also targeting at least $2 billion in the first two years after closing through portfolio optimization.<\/p>\n\n\n\n
Newcrest\u2019s assets include the Cadia gold-copper operation in New South Wales, Australia; Brucejack gold-silver and Red Chris gold-copper mines in British Columbia, Canada; Lihir gold mine in Papua New Guinea; and the Telfer gold-copper mine in Western Australia.<\/p>\n\n\n\n