May 16, 2023 - Economy
Newmont and Newcrest agree to gold mining megamerger
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Denver-based gold miner Newmont has agreed to buy Australian rival Newcrest to US$17.5 billion in stock.
Why it matters: Newmont already is the world's largest gold miner, and adding Newcrest would give it nearly double the output of second-place Barrick Gold. Plus lots of copper.
Details: The offer was valued at around $19.5 billion when first announced last month, but fell alongside corresponding stock prices.
- One big holdup could be regulatory approval, in both the U.S. and Australia.
