Mammoth gold miner in the making after Newmont’s $17bn bid for Newcrest – by Cecilia Jamasmie (Mining.com – February 6, 2023)

https://www.mining.com/

Newmont Mining (NYSE: NEM)(TSX: NGT), the world’s largest gold producer, is seeking to build a global gold superpower by approaching Australia’s no.1 miner of the yellow metal, Newcrest Mining (ASX, TSX: NCM), with a $17 billion takeover offer.

If successful, the deal would be one of the biggest in Australian history, though initial feedback from analysts and shareholders suggests that Newmont will have to improve its bid.

It would also increase Newmont’s footprint in copper, as prices have soared recently due to its use in renewable energy and electric vehicles as economies move towards decarbonization.

The offer is already 4.7% higher than a previous proposal rejected by Newcrest, as the Denver, Colorado-based gold giant disclosed in a statement. BMO analyst Jackie Przybylowski says that while the offer will likely come as a surprise to the market, as Newmont has recently gone for conservative approach to growth, it should be viewed as positive.

For the rest of this article: https://www.mining.com/mammoth-gold-miner-in-the-making-after-newmonts-17bn-bid-for-newcrest/