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1) Newcrest has inked a binding scheme implementation deed with Newmont Mining, with Newcrest board recommending that shareholders should vote in favor of the proposed takeover. Newmont will be paying $17.5 billion for the company, which comprises 0.4 of its own shares for each Newcrest share, and Newcrest will pay a special dividend of up to $1.10 per share when the deal closes. This has been a long time coming from the first announcement by Newcrest on April 11th, that Newmont has revised its offer. This also creates the world's largest gold miner and in just one in the many mergers and acquisitions that have happened in the mining industry and that will happen.
2) Teck Resources has announced that the Zafranal copper project in Peru has received regulatory approval from Peru's National Service of Environmental Certification for Sustainable Investments (SENACE). According to Compania Minera Zafranal S.A.C., where Teck owns 80% and Mitsubishi Materials owns 20%, Zafranal is a mid-sized copper-gold development project located in Southern Peru. It has an expected 19-year life of mine with a concentrator plant that has a processing capacity of up to 80,000 tons of ore per day. “Regulatory approval of the Zafranal project is an important step forward in our strategy to grow our copper business and unlock significant value for shareholders,” said CEO Jonathan Price. “Zafranal will be a low-cost, long-life operation, and is a key part of Teck’s industry-leading pipeline of high-quality, low-cost copper assets in well-established mining jurisdictions in the Americas.”