Newmont Completes Newcrest Acquisition, Expands Global Footprint
Ticker: NEMCL · Form: 8-K · Filed: Mar 5, 2024 · CIK: 1164727
| Field | Detail |
|---|---|
| Company | Newmont Corp /De/ (NEMCL) |
| Form Type | 8-K |
| Filed Date | Mar 5, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1.60, $1 billion |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, mining, gold, copper
TL;DR
Newmont just bought Newcrest for ~345.7M shares, becoming the biggest gold miner globally.
AI Summary
On March 4, 2024, Newmont Corporation filed an 8-K report detailing the completion of its acquisition of Newcrest Mining Limited. The transaction, which closed on March 5, 2024, involved the issuance of approximately 345.7 million shares of Newmont common stock to former Newcrest shareholders. This acquisition is expected to significantly expand Newmont's global gold and copper portfolio.
Why It Matters
This acquisition marks a major consolidation in the gold mining industry, creating the world's largest gold producer and significantly increasing its copper reserves.
Risk Assessment
Risk Level: medium — The integration of a large acquisition like Newcrest carries inherent operational and financial risks, including potential synergies not being realized or unexpected integration challenges.
Key Numbers
- 345.7 million — Shares Issued (Shares of Newmont common stock issued to former Newcrest shareholders.)
Key Players & Entities
- Newmont Corporation (company) — Acquiring company
- Newcrest Mining Limited (company) — Acquired company
- March 4, 2024 (date) — Filing date
- March 5, 2024 (date) — Closing date of acquisition
- 345.7 million (dollar_amount) — Number of shares issued in the acquisition
FAQ
What was the effective date of the acquisition?
The acquisition closed on March 5, 2024.
How many shares of Newmont common stock were issued?
Approximately 345.7 million shares of Newmont common stock were issued to former Newcrest shareholders.
What is the primary business of Newcrest Mining Limited?
Newcrest Mining Limited is primarily involved in gold and copper mining.
What is the filing date of this 8-K report?
The report was filed on March 4, 2024.
What is the expected impact of this acquisition on Newmont's portfolio?
The acquisition is expected to significantly expand Newmont's global gold and copper portfolio.
Filing Stats: 760 words · 3 min read · ~3 pages · Grade level 10.3 · Accepted 2024-03-04 19:13:11
Key Financial Figures
- $1.60 — ch registered Common stock, par value $1.60 per share NEM New York Stock Exchan
- $1 billion — vate offering (the " Offering ") of (i) $1 billion aggregate principal amount of 5.300% no
Filing Documents
- tm247930d1_8k.htm (8-K) — 27KB
- tm247930d1_ex99-1.htm (EX-99.1) — 11KB
- tm247930d1_ex99-2.htm (EX-99.2) — 12KB
- tm247930d1_ex99-2img001.jpg (GRAPHIC) — 38KB
- tm247930d1_ex99-1img001.jpg (GRAPHIC) — 38KB
- 0001104659-24-030616.txt ( ) — 332KB
- nem-20240304.xsd (EX-101.SCH) — 3KB
- nem-20240304_lab.xml (EX-101.LAB) — 33KB
- nem-20240304_pre.xml (EX-101.PRE) — 22KB
- tm247930d1_8k_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events. On March 4, 2024, Newmont Corporation (" Newmont ") issued a press release announcing it had priced a private offering (the " Offering ") of (i) $1 billion aggregate principal amount of 5.300% notes due 2026 (the " 2026 Notes ") and (ii) $1 billion aggregate principal amount of 5.350% notes due 2034 (the " 2034 Notes " and, together with the 2026 Notes, the " Notes ") . The Notes will be issued by Newmont and Newcrest Finance Pty Limited, a wholly owned subsidiary of Newmont, and will be guaranteed on a senior unsecured basis by Newmont USA Limited, a wholly owned subsidiary of Newmont. The Notes will be offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the " Securities Act "), and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. The offering of the Notes is expected to close on March 7, 2024, subject to customary closing conditions. A copy of the press release is attached as Exhibit 99.1 and is incorporated into this Item 8.01 by reference. On March 4, 2024, Newmont issued a press release announcing the Offering. A copy of the press release is attached as Exhibit 99.2 and is incorporated into this Item 8.01 by reference . The Notes have not been registered under the Securities Act or any state or foreign securities laws. Therefore, the Notes may not be offered or sold absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws or applicable foreign securities laws. If the Offering is consummated, Newmont will enter into a registration rights agreement pursuant to which it will agree to use commercially reasonable efforts to file an exchange offer registration statement to allow for the exchange of the Notes of each series for the same principal amount of exchange notes of the same series that a
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release, dated March 4, 2024, announcing the pricing of the Offering. 99.2 Press release, dated March 4, 2024, announcing the launch of the Offering. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Newmont Corporation Date: March 4, 2024 By: /s/ Logan Hennessey Logan Hennessey Vice President, Associate General Counsel and Corporate Secretary