Newmont Corporation

Newmont acknowledged

Newmont completed the acquisition of Newcrest Mining Limited on the 6th of November, 2023, making it the world’s leading gold company with robust copper production.

For the first time, they were represented at PNG’s 17th Resources and Energy Investment Conference in Sydney, that was held from the 10th-13th of December, 2023, at the International Convention Centre.

Newmont’s strategic acquisition of Newcrest

President and CEO of Newmont Corporation, Tom Palmer, outlined this when discussing ‘The Newmont Perspective’ at the 17th PNG Resources and Energy Investment Conference at the Sydney International Convention Centre on Monday.

Palmer explained the global megatrends that impact the world and the industry, saying they fall into three categories: Society, Technology and Geopolitics.

‘Big 4’ firms reflect confidence in PNG

In no order of priority, Prime Minister James Marape listed them as ExxonMobil PNG, TotalEnergies, Newmont Corporation and Barrick Niugini Ltd.

“One is a big gas company; one is a big oil company. You look at the mining business, two of the biggest; Newmont is the biggest, my friend Mr (Mark) Bristow will agree that Barrick is right up there.

“Where else in the whole world do you have ‘the big four’ in one country, let alone a developing country?

Newmont to debut at Sydney conference

This marks a significant moment for Newmont, underlining the company's enhanced presence and commitment to the Papua New Guinea mining sector.

Newmont CEO, Tom Palmer, is leading the mining giant’s participation by providing an insight into what Newmont sees as potential opportunities within the PNG market.

Newmont’s participation as a key speaker reflects the diverse range of investors engaged in business within PNG, showcasing the industry's global significance and the company's dedication to fostering collaboration and development in the region.

Newmont is top mining conference sponsor

The conference will be held on 10-13 December 2023 at the Sydney International Convention Centre under the theme ‘PNG Resources and Energy: Promoting Sustainable Investment’.

Newmont Corporation formally closed its acquisition of Newcrest Mining Limited, owner of the giant Lihir Gold Mine and 50 percent owner of the Wafi-Golpu copper-gold development project, earlier this month, and recently announced that it will be backing the Conference in the top sponsorship category as a Premium Principal Sponsor.

Newmont Corporation takes over Newcrest operations

During the joint press conference on 6 November 2023 Chief Development Officer of Newmont, Peter Toth and Prime Minister James Marape welcomed the company.

PM Marape shared the significance of this corporate transaction as Newmont assumes control of all Newcrest operations in Papua New Guinea including the Lihir mine in New Ireland and the Wafi-Golpu project in Morobe.

"It adds value to Papua New Guinea's global branding as an investment destination. What this country effectively has now is the world's number one gold company”, said Marape.

Newmont-Newcrest Merger Granted

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.

No merger between Newcrest, Newmont: Maru

Minister for International Trade and Investment, Richard Maru said this today when meeting with the high-level Executives of Newcrest Mining and Newmont Corporation including the President and the CEO of the Newmont Corporation, Tom Palmer.

“We are excited for Newmont Corporation to come but according to Section 277 (6) of the Capital Market Act 2015 we cannot approve the merger unless the requirements of the National Interest Test are met,” said Maru.