Newmont submits proposal to acquire Newcrest Mining

Newmont confirmed it has submitted a non-binding proposal to acquire 100% of the issued share capital of Newcrest Mining by way of a scheme of arrangement. The proposed transaction would combine two of the sector’s senior gold producers. Newmont’s proposal to combine with Newcrest is on the basis of 0.380 Newmont shares per Newcrest share, which would result in the combined company being 30% owned by Newcrest and 70% owned by Newmont. Newmont’s proposal is subject to certain customary conditions, including due diligence to the satisfaction of both parties, entry into a scheme implementation agreement and a recommendation from the Newcrest board of directors that Newcrest shareholders vote in favor of the proposal.