Australia’s FIRB approves Newmont-Newcrest deal

18th September 2023 By: Creamer Media Reporter

Australia’s Foreign Investment Review Board (FIRB) has approved gold miner Newmont’s proposed A$26-billion takeover of Newcrest Mining.

The Australian Competition and Consumer Commission last month cleared the proposed acquisition and conveyed its recommendation to the FIRB.

Last week, Japan’s Fair Trade Commission issued a clearance letter allowing closure of the proposed transaction to proceed any time after September 30.

“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 centre of gravity for Newmont’s global business.”

The remaining regulatory approvals include the Philippine Competition Commission.