Independent firms Institutional Shareholder Services and Glass Lewis have recommended for Newmont shareholders to vote ‘for’ its proposed acquisition of Newcrest.
Shareholders will have the chance to vote in support of the acquisition at the virtual Newmont stockholders meeting taking place on October 11.
Both gold miners reached an agreement for Newmont to acquire 100 per cent of the issued shares in Newcrest by way of a scheme of arrangement in May.
Newmont chief executive officer Tom Palmer commented on the proxy advisory firms’ reports.
“Once complete, the combined business will be unlike any gold and copper mining investment available in the markets today,” Palmer said.
“Newmont and Newcrest shareholders will own a world-class portfolio of gold and copper assets featuring ten large, long-life, low cost Tier 1 operations representing more than half of the world’s Tier 1 gold mines.
“We look forward to completing the acquisition and urge all Newmont shareholders to follow the recommendations of ISS, Glass Lewis and Newmont’s board of directors to vote ‘for’ each of the resolutions relating to the proposed transaction.”
The gold major has also announced leadership appointments to support the acquisition.
Natascha Viljoen joined Newmont as chief operating officer (COO) on October 2, which was previously announced in February.
Viljoen will assume accountability for the Australian, North American, and Papua New Guinea (PNG) business units on November 1 and will oversee critical activities associated with incorporating Newcrest’s people and assets into Newmont
Rob Atkinson will continue leading Newmont’s Africa, Peru, and Latin America and Caribbean business units and global projects, as well as support the transition of critical operational integration activities.
Viljoen will then assume full accountability for all Newmont business units in early 2024, and Atkinson will transition into a strategic role.
Alwyn Pretorius will assume the role of managing director PNG, as part of the company’s efforts to establish a dedicated business unit in PNG.
Pretorius previously led Newmont’s Africa and South America business units and they will work to ensure the safe and orderly integration of Newcrest’s Lihir operation and the Wafi-Golpu joint venture it shares with Harmony Gold Mining.
Alongside her role as chief safety and sustainability officer, Suzy Retallack will act as Newmont’s executive Australia to support Newmont’s increased presence in Australia.
“These new appointments will allow Newmont to safely and efficiently make decisions to deliver the integration of Newcrest and ensure long-term world-class leadership across the larger business,” Palmer said.