The regulatory authority overseeing the Capital Market of Papua New Guinea, Securities Commission of PNG has granted exemptions for the merger between global gold giant, Newmont Corporation and Newcrest Mining Limited.
This decision comes after careful scrutiny, with the regulator expressing satisfaction that all stipulated requirements have been met.
Minister for International Trade and Investment, Richard Maru, announced the breakthrough, highlighting that a comprehensive Memorandum of Agreement (MoA) has been formalized between the merging entities.
Minister Maru extended gratitude on behalf of the Government to Newmont Corporation for choosing to invest in Papua New Guinea.
He emphasized the significance of the corporation's understanding in navigating the regulatory landscape, allowing for the issuance of critical exemptions by the SCPNG.
Having received prior approval from the Independent Consumer and Competition Commission in August, Newmont Corporation was eagerly awaiting the SCPNG's nod, which was granted today.
Minister Maru emphasized that the exemptions bestowed by the SCPNG mark the culmination of all regulatory approvals necessary within Papua New Guinea for the merger to proceed.
Recognizing Newmont's global standing as a leader in the gold industry, Minister Maru expressed that their investment in Papua New Guinea would enhance investor confidence, potentially paving the way for other investors to follow suit.