\n\u201cRecognizing the strategic rationale to create the industry\u2019s strongest portfolio of world class gold and copper assets, Newmont\u2019s shareholders overwhelmingly voted in favor of this transformational transaction,\u201d said Tom Palmer, Newmont\u2019s President and Chief Executive Officer. \u201cThis unrivalled platform, featuring the industry\u2019s best talent running the highest concentration of Tier One assets in the most favorable jurisdictions, uniquely positions Newmont to generate superior returns for decades.\u201d<\/p>\n
\nNewcrest\u2019s shareholder vote will be held this Friday, October 13, 2023, at 10:30 a.m. Australian Eastern Daylight Time.<\/p>\n
\nAll government regulatory approvals necessary for the transaction to proceed have been secured. Newmont and Newcrest anticipate the transaction closing in early November, subject to the satisfaction of customary closing conditions.<\/p>\n
\nOn May 14, 2023, Newmont announced<\/a> its definitive agreement to acquire Newcrest. The combination would create a world-class portfolio of assets with the highest concentration of Tier 1 operations, primarily in favorable, low-risk mining jurisdictions. Upon closing of the transaction, the combined Company would deliver a multi-decade production profile from 10 large, long-life, low cost Tier 1 operations, and increased annual copper production, primarily from Australia and Canada. The combined business is anticipated to generate annual pre-tax synergies of $500 million, expected to be achieved within the first 24 months, while also targeting at least $2 billion in cash improvements through portfolio optimization in the first two years after closing.1<\/sup><\/p>\n 1<\/sup> See cautionary statement for additional information.<\/p>\n About Newmont<\/b><\/p>\n \nNewmont is the world\u2019s leading gold company and a producer of copper, silver, zinc and lead. The Company\u2019s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.<\/p>\n \nAt Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont\u2019s sustainability strategy and initiatives, go to www.newmont.com<\/a>.<\/p>\n Cautionary Statement Regarding Forward-Looking Statements<\/b><\/p>\n \nThis communication contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and \u201cforward-looking information\u201d within the meaning of applicable Australian securities laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cpending,\u201d \u201cproposed\u201d or \u201cpotential.\u201d Forward-looking statements may include, without limitation, statements relating to (i) the pending transaction to acquire the share capital of Newcrest Mining Limited, timing and implementation of the pending transaction, including receipt of required approvals and satisfaction of other customary closing conditions; (ii) estimates of expected synergies; (iii) estimates of expected incremental cash flow generation and portfolio optimization opportunities; and (iv) other expectations regarding the combined business.<\/p>\n \nEstimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Risks relating to forward looking statements in regard to the combined business and future performance may include, but are not limited to, gold and other metals price volatility, currency fluctuations, operational risks, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political risk, community relations, conflict resolution, governmental regulation and judicial outcomes and other risks. In addition, material risks that could cause actual results to differ from forward-looking statements include: the inherent uncertainty associated with financial or other projections; the prompt and effective integration of Newmont Corporation\u2019s (Newmont) and Newcrest\u2019s businesses and the ability to achieve the anticipated synergies and value-creation contemplated by the pending transaction; the risk associated with Newcrest\u2019s ability to obtain the approval of the pending transaction by their shareholders required to implement the pending transaction and the timing of the implementation of the pending transaction, including the risk that the conditions to the pending transaction are not satisfied on a timely basis or at all and the failure of the pending transaction to be implemented for any other reason; the outcome of any legal proceedings that may be instituted against the parties and others related to a scheme implementation deed dated May 15, 2023, as amended by a letter dated September 4, 2023; unanticipated difficulties or expenditures relating to the pending transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; risks relating to the value of the scheme consideration to be issued in connection with the pending transaction; the anticipated size of the markets and continued demand for Newmont\u2019s and Newcrest\u2019s resources and the impact of competitive responses to the announcement of the transaction; and the diversion of management time on pending transaction-related issues. For a more detailed discussion of such risks and other factors, see Newmont\u2019s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the United States Securities and Exchange Commission (\u201cSEC\u201d) on February 23, 2023, as updated by the current report on Form 8-K, filed with the SEC on July 20, 2023, as well as Newmont\u2019s other SEC filings, including the definitive proxy statement, filed with the SEC on September 5, 2023, under the heading \u201cRisk Factors\u201d, and other factors identified in Newmont\u2019s reports filed with the SEC, available on the SEC website or www.newmont.com<\/a>. Newcrest\u2019s most recent annual financial report for the fiscal year ended June 30, 2023 as well as Newcrest\u2019s other filings made with Australian securities regulatory authorities are available on the ASX website (www.asx.com.au<\/a>) or www.newcrest.com<\/a>. Newmont and Newcrest do not undertake any obligation to release publicly revisions to any \u201cforward-looking statement,\u201d including, without limitation, outlook, to reflect events or circumstances after the date of this communication, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued \u201cforward-looking statement\u201d constitutes a reaffirmation of that statement. Continued reliance on \u201cforward-looking statements\u201d is at investors\u2019 own risk.<\/p>\n \nSynergies and value creation as used herein are management estimates provided for illustrative purposes and should not be considered a GAAP or non-GAAP financial measure. Synergies represent management\u2019s combined estimate of pre-tax synergies, supply chain efficiencies and Full Potential improvements, as a result of the integration of Newmont\u2019s and Newcrest\u2019s businesses that have been monetized for the purposes of the estimation. Because synergies estimates reflect differences between certain actual costs incurred and management estimates of costs that would have been incurred in the absence of the integration of Newmont\u2019s and Newcrest\u2019s businesses, such estimates are necessarily imprecise and are based on numerous judgments and assumptions. Synergies are \u201cforward-looking statements\u201d subject to risks, uncertainties and other factors which could cause actual value creation to differ from expected or past synergies.<\/p>\n \nPortfolio optimization as used in this press release is a management estimate provided for illustrative purposes and should not be considered a GAAP or non-GAAP financial measure. Because the enhancement to cash flow estimates the differences between certain actual cash flows and management estimates of cash flows in the absence of the integration of Newmont\u2019s and Newcrest\u2019s businesses, such estimates are necessarily imprecise and are based on numerous judgments and assumptions. Portfolio optimization to enhance cash flows is a \u201cforward-looking statement\u201d subject to risks, uncertainties and other factors which could cause enhanced cash flows to differ from expectations.<\/p>\n \n\u201cTier 1 assets\u201d is defined as having, on average over such asset\u2019s mine life: (1) production of over 500,000 gold equivalent ounces per year on a consolidated basis, (2) average All-In Sustaining Cost (\u201cAISC\u201d) per ounce in the lower half of the industry cost curve, (3) an expected mine life of over 10 years, and (4) operations in countries that are classified in the A and B rating ranges for Moody\u2019s, S&P and Fitch. For the definitions of such terms and metrics with respect to Newmont, see Newmont\u2019s annual report on Form 10-K on file with the SEC. Such terms and metrics with respect to Newcrest\u2019s assets are as calculated by Newcrest and disclosed in public filings lodged with the Australian Stock Exchange. With respect to other assets in the industry, such terms and metrics are as published in public filings of the third party entities reporting with respect to those assets. Our methods of calculating operating metrics, such as AISC, and those of third parties may differ for similarly titled metrics published by other parties due to differences in methodology.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20231011740889\/en\/<\/a><\/span><\/p>\n Media Contact Investor Contact KEYWORDS:<\/b> North America United States Australia Australia\/Oceania Canada Colorado<\/p>\n INDUSTRY KEYWORDS:<\/b> Mining\/Minerals Natural Resources<\/p>\n<\/p>\n
\n<\/span>
Omar Jabara
\n
720.212.9651
\n
omar.jabara@newmont.com<\/a><\/p>\n
\n<\/span>
Daniel Horton
\n
303.837.5468
\n
daniel.horton@newmont.com<\/a><\/p>\n
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