Newmont Corporation has announced that the Canadian Competition Bureau issued a “no action” letter clearing Newmont’s previously announced transaction with Newcrest Mining Limited under Canadian competition law. Newmont is progressing towards receiving regulatory approvals in other jurisdictions for a transaction close expected in the fourth quarter.

On May 14, Newmont announced a definitive agreement to acquire Newcrest. 

The combination would create a world-class portfolio of assets with the highest concentration of Tier 1 operations, primarily in favourable, low-risk mining jurisdictions. 

Upon closing of the transaction, the combined company would deliver a multi-decade production profile from 10 large, long-life, low cost, Tier 1 operations, and increased annual copper production primarily from Australia and Canada. The combined business is anticipated to generate annual pre-tax synergies of $500 million, expected to be achieved within the first 24 months, while also targeting at least $2 billion in the first two years after closing through portfolio optimisation.