CAPITAL market regulator, the Securities Commissions of Papua New Guinea (SCPNG), yesterday granted exemptions for the merger between Newmont Corporation and Newcrest Mining Limited to proceed after being satisfied that its requirements were met.
“We have now reached an understanding which is now covered by a Memorandum of Agreement (MoA) between the two parties, which was signed today (yesterday),” International Trade and Investment Minister Richard Maru said.
The minister, on behalf of the Marape-Rosso Government, thanked Newmont for choosing to invest in PNG and for their understanding in reaching the agreement with the commission to allow for the exemptions that were issued yesterday.
Newmont received an approval form the Independent Consumer and Competition Commission (ICCC) in August this year and was awaiting the approval from the securities commission.
“The exemptions granted completes all the regulatory approvals required in PNG for the merger to proceed,” said Maru.
“Newmont is a gold leader in the world and to have them invest in Papua New Guinea will boost investor confidence in the country.”
