Newcrest Mining shareholders have given the green light to Newmont Corporation’s $26 billion takeover offer, making it the world’s biggest-ever gold mining acquisition.
At the scheme meeting in Melbourne on Friday, 92.6 per cent of votes cast were in favour of Newmont’s offer, comfortably above the 75 per cent approval required for the scheme of arrangement to go through.
Newmont is the world’s biggest gold producer and put forth the takeover offer for Newcrest back in April this year. The bid has already received all government regulatory approvals required to pass.
Newcrest shareholders will receive 0.4 Newmont securities for each share held and a $US1.10-a-share special dividend.
Newmont operates the massive Boddington Gold Mine, about 120km south-east of Perth, which the company has poured more than $2b into to expand.
Newcrest’s WA operations encompass two assets in the remote Paterson Province, including the Telfer mine which produced nearly 350,000 ounces of gold for the 2023 financial year.
Its other WA asset is the Havieron joint venture with Greatland Gold, with Newcrest owning a 70 per cent stake in the gold-copper exploration project.
Newcrest shares were up 0.8 per cent to trade at $26 by the close of trade Friday.