Australia’s Competition Commission clears Newmont’s Newcrest buy
The Australian Competition and Consumer Commission (ACCC) has cleared Newmont to proceed with its proposed acquisition of Newcrest Mining.
The ACCC is expected to convey its clearance of the transaction to Australia’s Foreign Investment Review Board (FIRB) for consideration.
Newmont continues advancing other regulatory approvals and expects to close the transaction in the fourth quarter of this year.
Earlier this month, Korea’s FairTrade Commission and Papua New Guinea’s Independent Consumer & Competition Commission cleared the proposed acquisition. In July, the Canadian Competition Bureau issued a “no action” letter also clearing the transaction.
Other regulatory approvals to be secured for Newmont’s proposed acquisition of Newcrest include the FIRB, the Japan Fair Trade Commission, and the Philippine Competition Commission.
Newmont and Newcrest also continue engaging with the Papua New Guinea government and regulators about other approvals and clearances for the transaction.
On May 14, Newmont announced its definitive agreement to acquire Newcrest.. Upon closing of the transaction, the combined company would deliver a multi-decade production profile from ten large, long-life, low cost, Tier 1 operations, and increased annual copper production primarily from Australia and Canada.
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