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Newmont-Newcrest deal cleared in Australia and Japan, expected to close in fourth quarter

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(Kitco News) - Newmont (NYSE: NEM) (TSX: NGT) today announced that following a review by Australia’s Foreign Investment Review Board (FIRB), the Treasurer has cleared the company to proceed with its proposed acquisition of Newcrest (ASX, TSX: NCM), issuing a no objection notification (NON).

According to the company, the NON is conditioned upon compliance with standard tax conditions associated with the Commonwealth’s taxation laws.

Newmont also reported that last week, Japan’s Fair Trade Commission issued a clearance letter allowing closing of the proposed transaction to proceed any time after September 30, 2023.

Newmont said it continues advancing other regulatory approvals and expects to close the transaction in the fourth quarter of this year.

Remaining regulatory approvals include the Philippine Competition Commission. Newmont and Newcrest also continue engaging with the PNG Government and regulators about other approvals and clearances for the transaction.

“Following a thorough review by regulators, we are pleased that the transaction has been given the green light to proceed in Australia and Japan,” said President and CEO Tom Palmer. “In addition to further strengthening Newmont’s operational footprint, our entry into the Australian investment market will allow us to attract shareholders from Australia and the Asia Pacific region, positioning Australia as a key center of gravity for Newmont’s global business.”

On May 14, Newmont announced its 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 favorable, low-risk mining jurisdictions.

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. Newmont was founded in 1921 and has been publicly traded since 1925.

Newcrest is the largest gold producer listed on the Australian Securities Exchange and one of the world's largest gold mining companies.

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