{"id":1100700,"date":"2019-02-19T17:00:03","date_gmt":"2019-02-19T17:00:03","guid":{"rendered":"http:\/\/www.mining.com\/?p=971657"},"modified":"2019-02-19T17:00:03","modified_gmt":"2019-02-19T17:00:03","slug":"canada-clears-newmonts-10b-merger-with-goldcorp","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1100700","title":{"rendered":"Canada clears Newmont\u2019s $10B merger with Goldcorp"},"content":{"rendered":"

US gold giant Newmont Mining (NYSE:NEM)\u00a0has cleared one of the regulatory hurdles<\/a> for its planned mega- merger with Canada\u2019s Goldcorp (TSX: G), a combination that would create the world\u2019s largest producer by output, challenging\u00a0Barrick\u2019s recently cemented supremacy<\/a>.<\/p>\n

The Denver-based gold miner said the Canadian Competition Bureau had okayed the $10-billion stock-for-stock transaction<\/a> and added it\u2019s now working with other regulatory agencies to secure the rest of the needed approvals.<\/p>\n

The companies aim to close the deal in the second quarter, which will see the arrival of the combined company, to be called Newmont Goldcorp. The new miner will have operations in the Americas, Australia and Ghana, producing between 6 and 7 million ounces of gold annually over the next ten years and beyond. In contrast, the new Barrick has targeted between 5.1 and 5.6 million ounces for this year.<\/p>\n

The merged miner will be led by Newmont\u2019s Chief Executive Officer Gary Goldberg, who is\u00a0retiring by the end of the year<\/a>. Tom Palmer, the company\u2019s current chief operating officer, will then take over as the CEO.<\/p>\n

Newmont has said it expected to gain $100 million of savings from synergies between the two companies once the deal closed, by relocating Newmont’s North American headquarters from Elko to Vancouver, and by optimizing Goldcorp’s assets.<\/p>\n

Vancouver-based Goldcorp, the world’s third largest bullion producer by market value, has underperformed its peers in recent years. In late October, The it\u00a0lost close to a fifth of its market value<\/a>\u00a0in a single day after reporting weak production, climbing costs and a decline in reserves.<\/p>\n

The company\u2019s shares have been in a long-term tailspin, but were trading 3.8% higher Tuesday at $14.83 on the Toronto Stock Exchange, down from more than $54 in 2011. Since the planned merger with Newmont was unveiled, the stock has gained 7.2%.<\/p>\n

Newmont shares were up almost 3.5% in New York on Tuesday, trading at $34.39\u00a0by noon\u00a0local time. The stock has climbed around 8.2% since the deal was announced last month.<\/p>\n

Gold prices were up Tuesday and hit their\u00a0highest level in nearly 10 months, lifted by safe-haven buying as investors monitored continuing trade talks and political uncertainty in Europe.<\/p>\n

The post Canada clears Newmont\u2019s $10B merger with Goldcorp<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The companies announced their planned all-share tie-up in January, just two weeks after the Barrick-Randgold merger was finalized.<\/p>\n

The post Canada clears Newmont’s $10B merger with Goldcorp<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[421,514,674,404,369,1020,662,428],"tags":[9,15,18,25,48,71,83],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1100700"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1100700"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1100700\/revisions"}],"predecessor-version":[{"id":1100818,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1100700\/revisions\/1100818"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1100700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1100700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1100700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}