Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
Gold miner Newmont Corp said on Monday it has received clearance from Australia’s competition regulator to proceed with its proposed A$26.2 billion ($16.80 billion) takeover of Newcrest Mining.
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.
Newcrest in mid-May said it would back the takeover offer in what would be the third-largest deal ever involving an Australian company.
“The ACCC has assessed the transaction and considered that a public review was not required,” a spokesperson for the Australian Competition and Consumer Commission told Reuters.
Newmont continues advancing other regulatory approvals and expects to close the transaction in the fourth quarter of this year, it said.
The deal still requires approvals from Australia’s Foreign Investment Review Board (FIRB), as well as nods from regulators in Japan, the Philippines and Papua New Guinea.
Newcrest did not immediately respond to Reuters‘ requests for comment.
($1 = 1.5596 Australian dollars)
(By Harish Sridharan and Rishav Chatterjee; Editing by Shailesh Kuber and Sohini Goswami)
Read More: Canada’s regulator clears Newmont’s acquisition of Newcrest
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