The Korea Fair Trade Commission is the latest Government body to allow Newmont to proceed with its acquisition of Newcrest.
Newmont is currently advancing other regulatory approvals, expecting to formally close the transaction in the fourth quarter of 2024.
The company received clearance from Papua New Guinea’s Independent Consumer and Competition Commission earlier in August, while the Canadian Competition Bureau issued a “no action” letter in July.
Now, Newmont must secure regulatory approvals from the Australian Competition and Consumer Commission, the Australia Foreign Investment Review Board, the Japan Fair Trade Commission and the Philippine Competition Commission.
Newmont landed its Australian target with a $26.2 billion offer back in May, after a three-month long battle for the miner.
Newcrest operated mines in Australia, Canada and Papua New Guinea, with the latter including the notable Lihir mine, one of the largest gold mines in the world.
Newmont first attempted a takeover in February this year with a $24 billion offer, which the Newcrest board rejected.
Not long after, Newcrest granted Newmont exclusive due diligence which paved the way for the current offer.
“This transaction will combine two of the world’s leading gold producers, bringing forward significant value to Newcrest shareholders through the recognition of our outstanding growth pipeline,” Newcrest chairman Peter Tomsett said.
“The combined group will set a new benchmark in gold production while benefitting from a material and growing exposure to copper and a market leading position in safety and sustainability,” he said.
