US-based Newmont on Monday announced it had completed the acquisition of Australian miner Newcrest to create the world’s biggest gold company with robust copper production.
“Today marks a historic milestone in our company and the industry with the successful completion of this transformational acquisition of Newcrest by Newmont,” said president and CEO Tom Palmer.
The group’s attention is now turning to safely integrating Newcrest’s assets and people into Newmont, he added.
The transaction strengthened Newmont’s position as a gold mining leader through the combination of high-quality operations, projects and reserves concentrated in low-risk jurisdictions, including ten tier-one operations.
The acquisition will generate pretax synergies of $500-million a year, which will be achieved within the first 24 months.