Newmont Mining to buy Goldcorp to create one of world’s biggest gold producers

The deal will be worth about US$10 billion

Denver-based Newmont Mining Corp. and Goldcorp Inc. of Vancouver have agreed to combine their gold companies in a deal worth about US$10 billion.

The companies announced today that Newmont will exchange 0.328 of a share and two cents for each of Goldcorp’s outstanding common shares.

READ MORE: B.C.’s Mount Polley Mine to suspend operations due to sliding copper prices

The deal has the unanimous support of the directors of both companies but requires regulatory approvals in several countries.

The combined company would be called Newmont Goldcorp and be owned 65 per cent by current Newmont shareholders and 35 per cent by Goldcorp shareholders

Newmont CEO Gary Goldberg says the company expects to generate up to US$100 million in annualized ”synergies” before tax and operate in the Americas, Australia and Ghana.

Newmont Goldcorp will also divest between US$1 billion and $1.5 billion of assets over two years to optimize gold production of six to seven million ounces annually.

READ MORE: Court of appeal grants injunction on Taseko’s exploratory drilling in B.C. Interior

Goldcorp President and CEO David Garofalo says Newmont Goldcorp will be one of Canada’s largest gold producers, with a North American regional office in Vancouver that will oversee more than three million ounces of gold production — about half of the combined company’s projected output.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Kimberley and District Community Foundation seeks ‘friends’

In the next couple of weeks, members of the Kimberley & District… Continue reading

The shootout at the Bechtel Ferry: 1945

On August 24, 1945, Charles Bechtel, age 66, was killed by the BC Provincial Police just south of the ranch.

Kimberley City Council approves development permit for 12-unit rental housing complex on Church Ave

The Kimberley Seniors Project Society has been waiting years to make this project a reality.

Hospice seeks clients for Live & Learn Program

After a successful two-year trial period, the Cranbrook and Kimberley Hospice Society is renewing its Live and Learn day program, and is putting out the word to prospective clients.

Kimberley Chamber planning for future

Strategic planning has led to exciting ideas, says Board member Karen Rempel

Kimberley news recap

A quick recap of the top news stories in Kimberley this week.

Rookie Demko backstops Canucks to 4-3 win over Sabres

Young Vancouver goalie makes 36 saves to turn away Buffalo

Charges upgraded against mother of murdered B.C. girl

Kerryann Lewis now faces first- rather than second-degree murder in the death of Aaliyah Rosa.

UPDATE: Injured firefighter in stable condition

Kelowna fire crews responded to a blaze at Pope’sGallery of BC Art & Photography on Friday

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Arrest made after historic B.C. church hit by arson

The fire at the 150-year-old Murray United Church in Merritt was considered a possible hate crime

B.C. dangerous offender in court for violating no-contact order, sends letter to victim

Wayne Belleville was shocked to see a letter addressed to him from his shooter, Ronald Teneycke

Crowsnest Pass RCMP seek help locating missing man

58-year-old Stuart David Duff was last seen on Jan. 6, 2019.

Man blames his loud car radio, sirens for crash with B.C. ambulance

Tribunal rejects bid to recoup ICBC costs after crash deemed 100-per-cent his fault

Most Read