May 16, 2023 - Economy & Business

Newmont and Newcrest agree to gold mining megamerger

Data: Yahoo Finance; Chart: Axios Visuals
Data: Yahoo Finance; Chart: Axios Visuals

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.
Go deeper