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Newcrest Mining’s (OTCPK:NCMGF) (OTCPK:NCMGY) board is prepared to recommend a takeover offer from Newmont (NYSE:NEM) to its shareholders, interim CEO Sherry Duhe said early Thursday, according to Bloomberg.
Newmont (NEM) made a non-binding offer to buy Newcrest (OTCPK:NCMGF) (OTCPK:NCMGY) last month in a deal that valued the Australian company at A$29.4B (~US$19.5B).
Newcrest (OTCPK:NCMGF) (OTCPK:NCMGY) had been conducting its own due diligence on Newmont (NEM), and Duhe said the board would be prepared to recommend the takeover if Newmont made its offer binding, Bloomberg reported.
If successful, the deal would create by far the world’s biggest gold miner, with mines in North and South America, Africa, Australia and Papua New Guinea.
A deal also would increase Newmont’s (NEM) exposure to copper, as analysts are predicting major shortages of the metal expected to play a vital role in the clean energy transition.
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