Newcrest is Australia’s largest gold producer and one of the world’s top 10 gold mining companies by production, reserves and market capitalisation. It has been proposing a takeover of a rival firm.
On Tuesday Newcrest released a statement saying that it has completed the due diligence process to takeover its rival Lihir Gold Ltd. Lihir must now contribute to the proposed merger of the two companies by entering a exclusivity period with Newcrest.
Parties from both companies need to work together to produce the scheme of arrangement under which Newcrest will acquire Lihir.
Headquartered in Melbourne, Australia, Newcrest is among the top 20 companies listed on the Australian Stock Exchange by market capitalisation. The Company has around 5,100 employees and long term contractors.