SCPNG grants exemptions to allow Newmont to proceed with Newcrest deal

Newmont announced that the Securities Commission of Papua New Guinea or SCPNG, has granted the necessary exemptions and other requested confirmations under PNG capital markets law to allow the Company to proceed with its proposed acquisition of Newcrest Mining Limited. Last week, the Philippine Competition Commission, PCC, also indicated its approval of the proposed transaction. All of the government regulatory approvals necessary for the transaction to proceed have now been secured. Newmont’s President and Chief Executive Officer, Tom Palmer, thanked PNG’s government and went on to state, “We look forward to building strong and mutually beneficial partnerships with the government and people of Papua New Guinea to generate lasting shared value and meaningful economic development through the world-class Lihir gold mine and the highly prospective Wafi-Golpu gold and copper project. As the world’s leading gold company, we recognize PNG’s significant, untapped economic potential and support providing its citizens the opportunity to invest in and benefit from our operations, projects and social contributions.” Newmont recently announced it has taken steps to establish a dedicated Business Unit in PNG with the appointment of Alwyn Pretorius who will assume the role of Managing Director and be based in Port Moresby. Newmont also plans to establish a secondary listing of Newmont stock depositary interests on the PNGX from closing of the transaction. ..Newmont and Newcrest anticipate the transaction closing in the fourth quarter of this year, subject to the satisfaction of customary closing conditions. Newmont stockholders will vote on the proposed transaction on October 11 and Newcrest’s shareholder vote will take place on Friday, October 13…