Tom Palmer says the combined Newmont-Newcrest business will be "unlike any gold and copper mining investment available in the markets today".
Proxy advisory firms Institutional Shareholder Services (ISS) and Glass, Lewis & Co (Glass Lewis) have recommended that Newmont shareholders vote in favour of the company’s resolutions for the proposed acquisition of Newcrest Mining.
Newmont shareholders will take part in a virtual meeting on October 11 to consider the acquisition.
“We look forward to completing the acquisition and urge all Newmont shareholders to follow the recommendations of ISS, Glass Lewis and Newmont’s board of directors to vote ‘FOR’ each of the resolutions relating to the proposed transaction,” said Newmont CEO Tom Palmer.
He added that, once complete, the combined business would be “unlike any gold and copper mining investment available in the markets today”.
“Newmont and Newcrest shareholders will own a world-class portfolio of gold and copper assets featuring ten large, long-life, low cost Tier 1 operations representing more than half of the world’s Tier 1 gold mines," Palmer said.
Newmont and Newcrest anticipate the transaction closing in the fourth quarter of this year, subject to the satisfaction of customary closing conditions and regulatory approvals.