Published on 19 Sep 2023 on Zacks via Yahoo Finance

Newmont's (NEM) Newcrest Deal Advances With Regulatory Approvals

Newmont Corporation NEM received clearance from Australia's Foreign Investment Review Board (FIRB) and Japan's Fair Trade Commission (JFTC) for its proposed acquisition of Newcrest Mining Limited. The Treasurer issued a No Objection Notification (NON), subject to compliance with standard tax conditions under Commonwealth taxation laws. The completion of the transaction can proceed after September 30, 2023, according to the JFTC clearance.

Newmont is actively pursuing other necessary regulatory approvals and aims to complete the acquisition in the fourth quarter of this year. Earlier in August, the Australian Competition & Consumer Commission approved the acquisition and conveyed its recommendation to the FIRB. The remaining regulatory approval pending is from the Philippine Competition Commission (PCC). Additionally, Newmont and Newcrest are in ongoing discussions with the PNG Government and regulators to secure further approvals and clearances for the transaction.

Tom Palmer, Newmont's President and Chief Executive Officer, expressed satisfaction with the regulatory approvals in Australia and Japan. He noted that this acquisition enhances Newmont's operational presence and positions Australia as a significant center for Newmont's global business, attracting shareholders from Australia and the Asia Pacific region.