The regulator of the Capital Market of Papua New Guinea, the Securities Commission of Papua New Guinea (SCPNG) recently granted exemptions for the merger between the Newmont Corporation and Newcrest Mining Limited to proceed after being satisfied that all the requirements of the regulator 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,” said the Minister for International Trade and Investment, Hon. Richard Maru.
Minister Maru, on behalf of the Marape-Rosso Government thanked Newmont Corporation for choosing to invest in Papua New Guinea and for their understanding in reaching the agreement with the regulator of the Capital Market of Papua New Guinea to allow for these critical exemptions that were issued today.
Newmont received an approval from the ICCC in August this year and was just awaiting the approval from the SCPNG which was granted recently (October 2nd, 2023).
“The exemptions granted today completes all the regulatory approvals required in PNG for the merger to proceed,” said Minister Maru.
“Newmont is a gold leader in the world and to have them come to invest in Papua New Guinea will boost investor confidence for other investors to follow suit,” added Minister Maru.
