DENVER — Newmont Mining Corporation announced Friday that the Minister of Innovation, Science and Economic Development Canada cleared Newmont and Goldcorp to proceed with their previously announced combination. With this approval, Newmont and Goldcorp can now move forward with closing the transaction.
Mexico’s Competition Commission approved the combination in March, following clearance from the Canadian Competition Bureau and the Korea Fair Trade Commission in February.
“With the overwhelming support of both companies’ shareholders and the necessary regulatory approvals in hand, we will close the transaction on April 18th,” said Gary Goldberg, Chief Executive Officer. “We are grateful to our employees, shareholders, partners and government stakeholders for their support and cooperation throughout this process.”
Following transaction close, Newmont Goldcorp will continue trading on the New York Stock Exchange (NYSE) with the ticker ‘NEM’ and will begin trading on the Toronto Stock Exchange (TSX) with the ticker ‘NGT.’ Goldcorp’s common shares will be delisted from the exchanges following closing.
Newmont Goldcorp plans to deliver $365 million in expected annual pre-tax synergies, supply chain efficiencies and Full Potential improvements, representing $4.4 billion in Net Present Value, and will target six to seven million ounces of steady gold production over a decades-long time horizon.