Newmont Corp. announced on November 6, 2023, that it had completed the acquisition of Newcrest Mining Ltd., which will further increase the production levels and opportunities for the world’s largest gold mining company. The transaction adds 2.1 million oz of Newcrest gold production to Newmont’s existing 6 million oz of gold production.
“Today marks a historic milestone for our company and the industry with the successful completion of this transformational acquisition of Newcrest by Newmont,” said Tom Palmer, president and CEO, Newmont. “Our attention now turns to safely, efficiently, and responsibly integrating Newcrest’s assets and people into Newmont’s proven operating model.”
The company’s portfolio, which now includes more than one-half of the world’s Tier 1 gold mines, consists of operations with the scale, margin, and mine life that could generate robust returns for decades, while supporting best-in-class sustainability performance. Newcrest owns and operates the Cadia and Telfer mines in Australia, the Lihir mine in the South Pacific, and the Brucejack and Red Chris mines in Canada, along with several development projects.
Palmer said the transaction will strengthen Newmont’s position as the responsible gold mining leader through the combination of high-quality operations, projects and reserves concentrated in low-risk jurisdictions, including 10 Tier 1 operations to support decades of safe, profitable and responsible gold and copper production. The company believes the transaction will generate annual pre-tax synergies of $500 million within the first 24 months, together with at least $2 billion in cash improvements through portfolio optimization in the first two years after closing.
More importantly, Newmont now has a deep bench of experienced leaders and subject matter experts that will complement its existing regional teams in Australia and Canada.