Tag Archives: Newmont

Resourcing Tomorrow

Major miners join Resourcing Tomorrow lineup

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Representatives from the world’s largest mining companies Anglo American, BHP, Glencore, Rio Tinto and Vale have confirmed their attendance for this year’s Resourcing Tomorrow event, in London, event organisers say.

These attendees will join other leading mining companies including AngloGold Ashanti, Antofagasta Minerals, Barrick, B2 Gold, Eldorado Gold, Endeavour Mining, Freeport-McMoRan, Newmont, Sibanye-Stillwater and Teck Resources.

As Europe’s largest mining event, Resourcing Tomorrow: Accelerating the Energy Transition takes place in London on November 28-30 and is poised to be yet another agenda-setting edition for the industry, fostering collaboration and knowledge exchange among professionals in the field, event organisers say.

Resourcing Tomorrow unites all stakeholders in the mining industry, including global mining and energy companies, investors, government delegations, researchers, educators, regulators, suppliers and operators. The conference program will provide 100-plus sessions in which all of the aforementioned miners will participate, giving attendees the opportunity to engage and network with leaders and industry specialists from around the world.

The event will draw participants from more than 100 countries, including Australia, USA, UK, Canada, India, Brazil, South Africa, Ghana, Chile, Nigeria, Peru and Germany, demonstrating its international appeal and the global significance of the mining industry, organisers say.

With the increasing pace of change and emerging technologies in the mining industry, Resourcing Tomorrow will focus on the future of our industry and presents a unique opportunity for international representatives of the world’s leading resource economies to meet, find new partners, discuss current challenges, and share the latest research, technology and best practice.

International Mining is a media sponsor of Resourcing Tomorrow.

Capital books ~$35 million drilling services contract with Nevada Gold Mines

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Capital, a leading mining services company, has announced the award of a material drilling contract in Nevada with Nevada Gold Mines and associated rig purchases, together with an update on the ramp up of operations at its Ivindo iron ore contract in Gabon.

The three-year drilling services contract with Nevada Gold Mines (NGM) in the US spans a wide range of drilling services including diamond, both surface and underground, and underground reverse circulation. Drilling spans a number of operations across NGM including underground diamond drilling in the Leeville underground mine within the Carlin complex, underground RC drilling in Carlin and diamond drilling at the Robertson project within the Cortez complex.

NGM is a joint venture between Barrick (61.5% ownership) and Newmont (38.5% ownership), with Barrick as operator. NGM operates three Tier One gold assets: Carlin, Cortez and Turquoise Ridge, consisting of 10 underground mines, 12 open-pit mines and associated facilities.

The contract will consist of nine rigs and will include equipment with advancements in automation for improved safety and efficiency, Capital said.

The contract is expected to generate annualised run rate revenues of circa-$35 million once all the rigs are fully operational from 2025, at margins commensurate with the broader group, Capital said. The company will purchase new rigs with associated equipment for the contract with capital expenditure expected to be circa-$20 million, predominantly falling in 2024.

In Gabon, the company reported that ramp up of operations at its load & haul, crushing and drilling contract with Ivindo Iron SA, majority-owned by Fortescue, was proceeding well.

“We have now commenced drilling operations to assist in further defining this world-class deposit,” Capital said. “The majority of the mining equipment is now in country with operations also already underway, and crushing due to commence later in the year.”

Peter Stokes, Chief Executive Officer of Capital, said: “This new drilling contract award represents a landmark moment for Capital as we extend our geographic reach in drilling into North America, adding to our existing and growing operations in Canada with MSALABS. It is a strong endorsement of our long-standing commitment to world leading standards in both safety and productivity.

“We are pleased to further expand our services with Barrick, having begun our relationship across operations in Africa before extending more globally, first at the Reko Diq mine in Pakistan, earlier this year, and now to the Nevada Gold mines complex in the United States.

“It is also great to see a continuation of our decisive and strategic move to reposition and improve our contract portfolio, set out in the second half of 2022, focusing on large-scale mine sites and Tier-1 projects with significant growth potential. The addition of world-class contracts in 2023 across Reko Diq, Ivindo and now Nevada presents significant further opportunity and a strong platform as we look into 2024.”

DavidRea-Tucson-ElectricMine2023

Cat R1700 XE battery-electric LHD completes the test at Glencore Nickel Rim South

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The first field follow trial of Caterpillar’s R1700 XE battery-electric loader has been deemed a success by one Glencore trial participant, with the machine anticipated to surpass the productivity performance of the equivalent diesel LHD running at Glencore’s Nickel Rim South mine, in Sudbury, Canada.

Speaking in a video, Paul Kant, Glencore’s Maintenance General Foreman at the mine, said the battery-electric loader was likely to outperform the diesel-powered Cat® R1700G it was being benchmarked against at the operation over the trial period.

The mine has been using the machine, a 15-t payload loader, as part of ongoing plans to incorporate new technology at its Sudbury Integrated Nickel Operations. This includes the development of an all-electric equipment fleet at the Onaping Depth project.

The Sudbury Integrated Nickel Operations have played a significant role in the development of the R1700 XE, hosting a proof-of-concept trial of a battery-electric R1300 LHD at one of the mines where the machine ran in trials alongside its diesel equivalent. Caterpillar used the insight gained from this testing to develop the commercial R1700 XE.

The R1700 XE is rated with a 24,190 kg lift and tilt breakout, and, according to Caterpillar, features a battery-electric design that delivers superior productivity in underground applications with the benefits of minimal heat and no engine exhaust emissions. It offers an 18 km/h top speed.

It is designed to work with the Cat MEC500 Mobile Equipment Charger, a 1,656 kg (2,037 kg with optional skid) portable charger that, Caterpillar says, eliminates the need for regular battery handling and swapping, allowing for more efficient charging and production. The MEC500 offers a 500 kW capability at a range of 300-1,000 V and up to 700 Amps. The adjustable output can be used to trickle charge or quickly charge the R1700 XE – with a single unit delivering a full charge to the R1700 XE in less than 30 minutes or two units in parallel achieving this in less than 20 minutes.

The R1700 XE in Sudbury, working alongside either one or two MEC500s, has clocked more than 11,000 machine hours. During initial test operations, the customer indicated a circa-320,000 kg reduction of CO2 emissions and displayed a more than 10% improvement in speed on grade.

According to Glencore, the R1700 XEs Caterpillar has put out in the field to date have also exhibited lower energy consumption compared with the diesel equivalent – more than 10%, in fact

Speaking at The Electric Mine 2023 conference in Tucson, Arizona, in May, David Rea, VP and General Manager, Caterpillar Inc (pictured at the top), said of the machine: “We’re delivering for our customers improvements in safety, cost, productivity and sustainability.”

Machine availability in these field-follow trials has been helped by an up to 150-minute run time between charges and an average 18.5-minute charge rate with the dual chargers.

According to Glencore, the machines Caterpillar has put out in the field to date have also exhibited lower energy consumption compared with the diesel equivalent – more than 10%, in fact. And, while trials to date have all been in manual mode, Rea said the R1700 XE units in the field could be equipped for teleremote operation and were also “factory ready” for Caterpillar’s fully autonomous loading system.

Operations are being facilitated thanks to some “800 channels of machine data” flowing off the machines to those supporting the loaders, Rea said. This has allowed personnel from Caterpillar and Cat dealers to diagnose problems in the field and optimise the machine’s charging and operating strategies.

While Caterpillar continues to clock up the operating machine hours for its R1700 XE, it is also in the process of developing its first battery-electric truck.

“We’re not just stopping at the loader; we also need a truck to go alongside that loader,” Rea said in Tucson, adding that this would be a three-pass match for the R1700 XE – therefore, a truck boasting at least a 45-t payload.

Rea confirmed the new truck would be charged by the MEC500, but the company was working on both a fast charge and battery swap option for the vehicle.

“Our alliance with Newmont is leading the development of this truck,” Rea said, referencing a strategic alliance Caterpillar and Newmont announced in 2021 to deliver “26 first-of-a-kind battery-electric autonomous vehicles in both an underground and open pit operation by 2027”.

This agreement involves the introduction of these vehicles to Cripple Creek and Victor (open pit) and Tanami (underground) in USA and Australia, respectively.

“The first deployment of this [battery-electric] truck will be at Newmont Tanami,” Rea confirmed at the event.

Perenti books exploration, development and production work with Australian miners

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Perenti says it has secured new work and contract extensions with the likes of Regis Resources, BHP Mitsubishi Alliance (BMA) and Catalyst Metal in Australia representing nearly A$150 million ($97 million) of revenue across its 2024 and 2025 financial years.

It has booked a A$70 million, six-month contract for the continuation of underground development and production works at the Regis Resources Garden Well and Rosemont underground gold mines. Barminco and Regis continue to progress collaboratively towards further and material contract extensions at these two mines, it says.

It has also sealed a A$27 million, 24-month contract for exploration surface drilling services at the BHP Mitsubishi Alliance in Queensland, while a A$14 million, 24-month contract has been awarded for underground diamond drilling works at Catalyst Metal’s Plutonic underground gold mine in Western Australia, subject to finalisation of contract terms.

Furthermore, AUMS (through UMA, a joint venture with Rocksure International) received a limited notice to proceed related to the initial underground development works at the Newmont Akyem underground gold mine in Ghana. The finalisation of contractual negotiations continues, however, once finalised it is forecast that the contract could represent circa-A$32 million of revenue over an initial term of 11 months, with a capital structure that is likely to be similar to that adopted for Newmont’s Subika project.

Mark Norwell, Managing Director & Chief Executive Officer of Perenti, said: “The award of these contracts and the limited notice to proceed across both our underground and surface mining businesses demonstrates the diversity of our service offering and the strength of the relationships we share with our clients. Collectively these three contracts and the limited notice to proceed represent nearly A$150 million of revenue across FY2024 and into FY2025 and come after the recent announcement in which Perenti secured circa-A$360 million of revenue at the Sandfire Resources A4 project in Botswana.”

Newmont moves a step closer to acquisition of Newcrest Mining

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Following completion of due diligence, Newmont says it has entered into a binding Scheme Implementation Deed (SID) under which Newmont will acquire 100% of the issued share capital in Newcrest by way of an Australian court-approved Scheme of Arrangement.

This circa-$18 billion deal will result in Newmont – already the largest gold miner by production – inheriting a significant copper production base too.

Tom Palmer, President and CEO of Newmont, said: “The combination of Newmont and Newcrest represents an exceptional value proposition for shareholders and other stakeholders. It creates an industry-leading portfolio with a multi-decade gold and copper production profile in the world’s most favourable mining jurisdictions.

“Following a robust due diligence process, we have identified a number of opportunities to unlock substantial value and will apply our experience and expertise to Newcrest’s complementary and exceptional portfolio of long-life, low-cost gold and copper assets. Leveraging our experience from the acquisition of Goldcorp four years ago, we are positioned to deliver an estimated $500 million in annual synergies and an estimated $2 billion in incremental cash flow from portfolio optimization opportunities, both part of our strategy to maximise value for shareholders and other stakeholders.”

Palmer continued: “This transaction also increases Newmont’s annual copper production – a metal vital for the new energy economy – and adds nearly 50 billion pounds (22.7 Mt) of copper reserves and resources from Newcrest to our robust and balanced portfolio. We intend to quickly realise these opportunities to create superior value for our shareholders, workforce, host communities and governments.”

Newcrest’s Chairman, Peter Tomsett, added: “This transaction combines two of the world’s leading gold producers, bringing forward significant value to Newcrest shareholders through the recognition of our outstanding growth pipeline. In addition to the ongoing benefits of merging these premier portfolios, the combined group will set a new benchmark in gold production while benefitting from a material and growing exposure to copper and a market leading position in safety and sustainability. The Newcrest Board is unanimously recommending the proposal. We are very proud of the entire Newcrest team for building a world class metals business, which will form a key part of the combined group. We believe our shareholders and other stakeholders can look forward to an exciting and prosperous future.”

For the last eight years, Newmont has been recognised as the top gold miner in the Dow Jones Sustainability Index, it says, regularly ranking as the most transparent company for sustainability disclosure in the S&P 500. Beyond Newcrest’s well-established sustainability credentials and top quartile industry ranking, Newmont will apply its proven sustainability practices and leadership to Newcrest’s assets by:

  • Bringing a clear focus on mitigating safety risks along with visible, felt leadership in the field to drive a fatality-free business;
  • Building on Newmont’s sustainability leadership and commitment to meaningful social engagement based on inclusion, transparency and integrity in order to be the partner of choice for governments, host communities, suppliers and workforce;
  • Remaining committed to Newmont’s leading environmental stewardship practices and climate goals; and
  • Creating a diverse, inclusive and equitable workplace where everyone is welcome, attracting and retaining the breadth of skills and innovation needed to continuously improve performance

This acquisition, Newcrest says, would create a world-class portfolio of assets with the highest concentration of Tier 1 operations, primarily in favourable, low-risk mining jurisdictions. Supported by this portfolio, Newmont will be well-positioned to generate strong, stable and lasting returns with best-in-class sustainability performance, well into the future.

Through the combination of high-quality operations, projects and reserves, this portfolio is expected to deliver:

  • Outstanding depth and breadth of global production focused across stable mining jurisdictions:
    • Approximately 8 Moz of total combined annual gold production upon closing the transaction, with more than 5 Moz of gold, or two-thirds of total gold production, from 10 large, long-life, low cost, Tier 1 assets; and
    • Combined annual copper production of approximately 350 MIb from Australia and Canada
  • An extensive portfolio of greenfield and brownfield growth options from the industry’s largest reserve and resource base:
    • 96 Moz of gold reserves declared by Newmont and 52 Moz declared by Newcrest, along with 111 Moz and 68 Moz of gold resources, respectively;
    • Significant majority of combined entity’s gold reserves will be located in the Americas and Australia; and
    • Value-generating projects across some of the world’s most prospective regions including Canada’s Golden Triangle
  • Meaningful increase in copper reserves, a critical metal in facilitating the transition to a new energy economy;
  • Maintaining a disciplined approach to mine planning and project development at reserve gold pricing, creating a resilient business to maximise long-term returns.

The combined business would be immediately supported by Newmont’s scalable, integrated operating model with a deep bench of experienced leaders, subject matter experts and existing regional teams in Australia and Canada, it says. Building on the experience gained following the acquisition of Goldcorp, Newmont has identified the opportunity for substantial synergies:

  • $500 million of total annual pre-tax synergies anticipated to be achieved within the first 24 months following the completion of the transaction:
    • Approximately $100 million of pre-tax general and administrative synergies driven by Newmont’s scalable, integrated operating model with existing regional teams in Australia and Canada;
    • Approximately $200 million of supply chain synergies from best-in-class pricing and existing strong partnerships with key suppliers, smelters and equipment manufacturers through unprecedented economies of scale; and
    • At least $200 million of benefits from Newmont’s proven Full Potential continuous improvement program, which improves costs and productivity through the rapid replication of leading processes and advanced technology.

Further value creation opportunities are anticipated as the Newcrest portfolio is fully integrated into Newmont, bringing together the industry’s best talent and processes across two key mining jurisdictions, including, among other things, the benefits from the experience of Newcrest’s world-class block caving team, it said.

Perenti’s AUMS extends ties with Newmont at Subika Underground

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Perenti Limited’s African Underground Mining Services (AUMS) subsidiary, through its UMA joint venture, has been awarded a new, circa-A$630 million ($418 million), 60-month contract at the Newmont Subika underground gold mine in Ghana, the ASX-listed company says.

The term of the contract is effective from January 1, 2023.

UMA is a joint venture (70:30) between AUMS and Rocksure International, a local Ghana-based civil and mining contractor. Under the terms of the contract, through the UMA joint venture, Perenti will undertake all underground development and production activities, diamond drilling and associated support services at the Subika Underground Mine, some 310 km to the northwest of Accra, Ghana.

In addition, under the terms of the new contract Newmont will acquire the current fleet of underground equipment associated with the project and will also be responsible for the acquisition of additional fleet as required for the project, Perenti says.

Perenti expects that this capital strategy will have significant benefits, but primarily will reduce the capital intensity of the project while still delivering strong returns. Perenti expects to finalise the sale of these assets before the end of June.

As a part of Newmont’s larger Ahafo complex, AUMS commenced development and production activities at the Subika underground mine in mid-2017.

Mark Norwell, Managing Director and CEO of Perenti, said: “With this new contract, Perenti not only expands its tenure in Ghana but furthers its relationship with Newmont, the world’s leading gold company with a world-class portfolio of assets in favourable mining jurisdictions. We are very pleased that we will continue to deliver value and certainly to Newmont and our other stakeholders in Ghana and beyond.”

Paul Muller, President Contract Mining of Perenti, said: “Ausdrill commenced operations in Ghana in 1991 and, with this 60-month contract, Perenti through its subsidiaries, will have accumulated nearly 40 years of in-country expertise with a strong track record of prioritising local procurement, training and employment opportunities across a wide range of local and regional Ghanaian stakeholders.”

Antamina, Barrick, BHP, Freeport, Gold Fields, Newmont, Teck and Vale form GeoStable Tailings Consortium

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Gold Fields Limited has announced a new consortium of eight global mining companies has launched a multi-year initiative to develop and implement new technological applications for managing tailings.

The GeoStable Tailings Consortium (GSTC) comprises Antamina, Barrick, BHP, Freeport-McMoRan, Gold Fields, Newmont, Teck and Vale, with external expert support provided by Dr G Ward Wilson of the University of Alberta.

The GSTC will study options to combine various blends of tailings with waste rock to create ‘geo-stable’ landforms that are stronger and more stable than conventional tailings deposition methods and are likely to reduce process water consumption. It will undertake a range of research and development activities, including laboratory testing, field trials and data analysis, and will collaborate to promote best practices in tailings and waste management and foster a culture of continuous improvement across the mining industry.

Martin Preece, Interim CEO of Gold Fields, said: “The management of our TSFs has as its ultimate goal zero harm to people and the environment through their full life cycle. This is in line with the Global Industry Standard on Tailings Management, the new tailings storage facility (TSF) benchmark to which all members of the ICMM are committed to conform to. Having stable TSFs is a critical element of this standard.

“There is significant mining industry interest in developing geo-stable TSFs, but there is still a lack of a sound research and development including testing protocols to assess, compare and validate the performance of different technical approaches across different mineralogical and operational situations. Gold Fields is therefore a willing participant in this consortium and playing our role in becoming part of the solution.”

The new GSTC initiative builds on the work of a group formed to advance geo-waste and eco-tailings research previously pursued by Goldcorp, which was acquired by Newmont in early 2019.

Howden continues to bring energy and ventilation efficiency to mining operations

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Howden’s Ventsim™ CONTROL may have been introduced 15 years ago in Canada, but the cutting-edge mining innovation continues to be refined, the company says.

Ventsim is designed to reduce energy consumption, associated costs and improve energy efficiency in underground mine ventilation systems.

The Ventsim software suite uses advanced algorithms to analyse real-time data and adjust ventilation equipment to maximise energy savings while maintaining safe working conditions. As the global mining industry continues to face increased pressure to reduce its carbon footprint, it offers a valuable solution by optimising energy usage and reducing wasted energy, Howden says.

Howden, a Chart Industries Company, has focused on innovation with this software to meet the needs of ventilation and automation engineers by developing a solution that requires no prior programming. The site team can manage Ventsim CONTROL on an ongoing basis which means there is no need to continually bring in third parties to make changes as the mine’s requirements change.

This was a need in the market in 2009 when Ventsim software was introduced. The software has become even more relevant today, where resources are expensive and scarce, and mine plans – in many cases – need to be commodity price sensitive. Ventsim CONTROL can incorporate sensors, hardware, and software from any third-party supplier and has grown to become a key ventilation-engineering tool across the mining sector.

In recent years, Howden has developed the software with the complementary addition of 3D modelling and simulation components of Ventsim DESIGN, a mine ventilation simulation software, to allow mining companies to achieve optimal visualisation of their ventilation systems across their operations.

In a recent update, the software’s 3D tracking visualisation of personnel and vehicles was improved through the ability to tap into existing site-wide tracking systems at most modern underground mines.

Benoit Dussault, Lead Software Engineer at Howden, told IM: “We are working hand-in-hand with tracking providers on this solution, incorporating the x, y, z coordinates associated with these ‘tags’ or deploying a zone-based approach where these coordinates are not available.”

A real-time gas simulation that can incorporate data inputs from gas sensors around the mine and predict the gas concentrations going into areas not equipped with sensors is also being integrated into the software platform as part of expanded control and optimisation functionality. The same can be said about heat simulation, which was introduced last year.

The company is also refining its energy management and control toolkit, building on the energy dashboards it has had in place to visualise energy consumption, energy savings and, more recently, carbon emissions.

“We are implementing a carbon calculator this year that builds on those energy reports,” Dussault explained. “The software will track your emissions, allowing companies to benchmark their consumption and emissions against a plan.”

Later in 2023 and into 2024, the company hopes to put ventilation-focused, artificial intelligence-backed algorithms to work at mine sites, potentially taking the company’s ventilation optimisation abilities to new heights.

This would also coincide with a new web-based interface, introducing BI dashboards and reporting to an already impressive line-up of features.

While all these elements have global applications – and Howden itself is a global player in the ventilation sector – Dussault was keen to emphasise Canada’s influence on the ongoing evolution of Ventsim CONTROL: “Our first full Ventilation on Demand installation projects were in Canada back in 2009 and 2012. The latter, the Newmont Eleonore mine, is still significant for us from a project perspective. They [the mines in Canada] continue to play a vital role in developing the software continuously.”

Orica announces commercial launch of wireless blast initiation solution, WebGen 200 Surface

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Orica has announced the commercial release of WebGen™ 200 Surface, its latest wireless blast initiation solution tailored to surface mining applications.

Developed based on the success of more than 5,000 WebGen 100 blasts around the world, containing over 150,000 primers, WebGen 200 Surface will change how the industry blasts, resulting in more safer and efficient blasting for customers, according to the company.

The company conducted the first surface blast with WebGen 200 at TerraCom’s Blair Athol coal mine in Queensland, Australia, at the back end of 2022, as part of its Alpha trial program to verifiy and validate product testing in the field. Another trial at a partner customer mine in northern Chile has since followed.

Specifically designed for surface mining applications, WebGen 200 Surface eliminates physical wired connections to a blast or within the blasthole, opening up a whole new range of possibilities, Orica says. It enables customers to optimise their entire mining process from reducing exposure on bench to geological hazards, such as stemming dust, working next to highwalls, reducing vehicle interactions, and removing people from harm’s way.

The WebGen 200 system revolutionises mining operations by enabling customers to carry out operations during the lightning storm season or turning a loaded blast into a temporary haul road with the award-winning blasting method Mine Schedule Flexibility, the company said.

Orica Senior Manager, WebGen Commercialisation, Rhys Patterson, said: “It is the culmination of years of research and development across technology, marketing, commercial, supply and manufacturing teams. We are pleased to announce that WebGen 200 Surface is now commercially available for our customers.”

In addition, the safe passage of mining equipment over loaded blastholes by maintaining parallel mining, and drilling, and loading activities is now a reality, which can significantly increase the vertical advance of surface mines, Orica says. Production delays associated with exclusion zones around loaded blast patterns during lightning storms can also be eliminated using WebGen.

Orica’s global underground customers started the transition to WebGen 200 Underground Pro, with Newmont Borden being the first underground customer reaping the benefits of adopting this technology in late 2022. Engineered to deliver robust safety and reliability, the four variants of WebGen 200 (WebGen 200 Surface, WebGen 200 Surface Pro, WebGen 200 Underground Pro and WebGen 200 Dev) have been built with enhanced capabilities, security, and versatility, ensuring it meets the extreme mining conditions faced by surface and underground customers.

Newmont looks to expand gold production leadership with Newcrest bid

Mining mergers and acquisitions, Precious metals, , ,

Newmont has submitted a non-binding proposal to acquire 100% of Newcrest Mining by way of a scheme of arrangement in a proposed transaction that, it says, would combine two of the sector’s top senior gold producers, and set the standard for sustainable and responsible gold mining.

Newmont’s proposal to combine with Newcrest is on the basis of 0.380 Newmont shares per Newcrest share, which would result in the combined company being 30% owned by Newcrest and 70% owned by Newmont. This $16.9 billion offer is at a 21% premium to the share price of Newcrest prior to the announced bid.

It follows the prior receipt of an indicative, non-binding and conditional proposal from Newmont to acquire Newcrest at an exchange ratio of 0.363 Newmont shares for each Newcrest share, Newcrest said.

Newcrest produced 1.9 Moz of gold and 121,000 t of copper in its 2022 financial year, while Newmont’s 2022 full-year guidance was 6 Moz of attributable gold production.

Newmont, already the world’s biggest gold miner by production, said: “This represents a compelling opportunity for the shareholders of both companies to share in the upside of putting together two complementary businesses.”

Tom Palmer, President and CEO of Newmont, said: “We believe a combination of Newmont and Newcrest presents a powerful value proposition to our respective shareholders, workforce and the communities in which we operate. The proposed transaction would join industry-leading portfolios of assets and projects to create long-term value across the combined global business, and we welcome the consideration of Newcrest’s Board of Directors.”

Newmont’s proposal is subject to certain customary conditions, including due diligence to the satisfaction of both parties, entry into a scheme implementation agreement and a recommendation from the Newcrest Board of Directors that Newcrest shareholders vote in favour of the proposal.