MinRes adds to global lithium production cuts amid downturn
The company will put its Bald Hill lithium mine in Western Australia under care and maintenance starting this week.
Gold miner Newmont Corp said on Monday it has received a clearance from Australia’s Foreign Investment Review Board to proceed with its proposed A$26.2 billion ($16.86 billion) takeover of Australia’s Newcrest Mining.
The world’s largest gold producer had in August received a clearance from Australia’s competition regulator.
Newmont also received a clearance from Japan’s Fair Trade Commission last week, allowing the transaction to be closed anytime post September-end.
“Newmont continues advancing other regulatory approvals and expects to close the transaction in the fourth quarter of this year,” the company said in a statement on Monday.
If the deal goes through, Newcrest shareholders would receive 0.400 Newmont share for each share, with an implied value of A$29.27 a share.
The deal still awaits the crucial Newcrest shareholder vote, scheduled for Oct. 13, as well as nods from regulators in the Philippines and Papua New Guinea.
Australia’s largest gold miner, Newcrest, had in May backed the takeover offer from Newmont, in what would be the third-largest deal ever involving an Australian company.
Newcrest did not immediately respond to Reuters‘ request for a comment.
($1 = 1.5540 Australian dollars)
(By Rishav Chatterjee; Editing by Shilpi Majumdar)
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