Denver-based Newmont closes biggest deal in gold mining history, eyes next moves

On Mar 5, 2024

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DENVER — Newmont Corp. completed its $19.5 billion deal buying Australia’s biggest gold miner Monday, and now the Denver company will begin prioritizing a longer list of potential new mining projects and what mines it might want to sell.

Newmont Corp. (NYSE: NEM) added five gold mines and is poised to be a major player in copper by acquiring Melbourne-based Newcrest Mining Ltd. in an all-stock transaction that goes down as the biggest deal in gold industry history.

“Today marks a historic milestone in our company and the industry with the successful completion of this transformational acquisition,” said Tom Palmer, Newmont president and CEO, in a written statement. “Our attention now turns to safely, efficiently, and responsibly integrating Newcrest’s assets and people into Newmont’s proven operating model, so we can accelerate the delivery of our value-focused strategy for all our stakeholders.”

Newmont’s global gold production is projected to grow about 31% to 8 million ounces annually, because of the deal. The company also expects to eventually double its annual copper output to 300,000 tons.

> Read the full story at the Denver Business Journal.

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