Newmont Acquires Newcrest, Transforming PNG’s Mining Landscape

On 6th November, 2023, Newmont Corporation, the world’s leading gold mining company, officially commenced its operations in Papua New Guinea (PNG) following the acquisition of Newcrest Mining. This historic milestone marks a significant shift in the global mining industry and offers new opportunities for PNG’s economy and its people.

The acquisition consolidates two major players in the gold mining industry, with Newmont now emerging as the world’s leading gold company. Peter Toth, the Chief Development Officer of Newmont Corporation, expressed his delight in this achievement, stating,

“Today, we successfully complete the acquisition of Newcrest, creating the world’s leading gold company. This is a historic milestone not just for our companies but for the entire mining industry.”

The merger of Newmont and Newcrest creates a company with a unique position in multiple dimensions. According to Mr. Toth, it will be a combination of the best talents and expertise from both companies, ensuring a bright future for the gold mining industry.

Newmont has outlined five key pillars under its value proposition for PNG:

  • Bringing Newmont’s operational capabilities and model to the region
  • Technical and operational expertise
  • Collaboration with Harmony in the Wafi Golpu projects
  • Delisting of Newcrest from the PNG Stock Exchange and the establishment of an independent business unit under Newmont
  • Enhancing the sustainability of leadership in the region

Prime Minister James Marape welcomed Newmont’s arrival and highlighted its significance for the global branding of PNG as an attractive investment destination. He acknowledged the significance of this acquisition, stating,

“PNG will be seen as a good investment destination, and we are happy that Newmont has concluded the transaction here in PNG. Two global companies merging into one bigger company shows their commitment to the region.”

Prime Minister Marape also called on Newmont to further explore opportunities for retaining local employees and increasing local content, emphasizing the importance of empowering PNG’s workforce.

The acquisition of Newcrest by Newmont is a transformative event that not only strengthens Newmont’s position in the global mining industry but also opens up new possibilities for economic growth and development in PNG. It is a momentous occasion that is bound to have a lasting impact on both the mining sector and the broader economy of Papua New Guinea.

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