On November 6, Newmont announced the competition of its acquisition of Newcrest Mining Limited, strengthening its position as the industry leader in sustainable gold production while increasing its production of copper, a critical mineral for the new energy economy.
With the transaction now complete, Newmont is looking to Canada for multi-decade growth and focusing on the safe integration of the Newcrest operations.
“With our combined strengths and expertise, we are well-positioned to set the standard for safe and responsible gold and copper mining and deliver on our purpose: to create value and improve lives,” said Newmont president and chief executive officer, Tom Palmer.
The move is expected to further enhance Newmont’s environmental and social initiatives, including community investments and its world-class risk and impact management approach.
Drawing on more than a century of mining experience, Newmont recognizes Canada as a low-risk jurisdiction with the potential to support decades of safe and sustainable mining. With the acquisition of Goldcorp in 2019, the company began a powerful transformation aimed at creating the strongest portfolio of operations, projects, and exploration opportunities in the industry – adding the Musselwhite and Porcupine mines in Ontario and the Éléonore mine in Québec to its North America business unit. With the addition of the Newcrest Red Chris and Brucejack mines in the prospective Golden Triangle region of British Columbia, Newmont reaffirms its long-term focus on Canada.
Although a lot has happened in the past four years, the lessons that Newmont learned from the Goldcorp acquisition are still fresh and have been integrated into the business, including through its continuous improvement program Full Potential, designed to boost productivity and reduce costs through the rapid replication and deployment of leading practices and technologies across its global operations.
At present, Newmont is working to safely integrate the Newcrest operations and ensure a seamless transition for employees. The two companies have a shared history – with Newmont helping to create Newcrest some 30 years ago – and a strong alignment in values and culture, particularly around safe and respectful workplaces.
“Our attention now turns to safely, efficiently, and responsibly integrating Newcrest’s assets and people into Newmont’s operating model, so we accelerate the delivery of our value-focused strategy,” said Palmer.
