Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont
Goldcorp or the Company) today announced the successful conclusion
of its transaction combining Newmont Mining Corporation and
Goldcorp Inc. to form the world’s leading gold business.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190417006057/en/
The resulting company features an unmatched portfolio of assets,
prospects and talent. This portfolio includes long-life operations
and profitable expansion and exploration options in some of the
world’s most favorable mining jurisdictions. Newmont Goldcorp will
also offer investors the highest annual dividend and the largest
Reserves and Resources per share among senior gold producers.
“We’ve met our goal to become the world’s leading gold business,
and we’ll maintain that position by executing our winning
strategy,” said Gary J. Goldberg, Chief Executive Officer. “That
strategy focuses on constantly improving safety and efficiency at
our current operations while we continue to invest in expansions
and exploration to fuel next generation production. An equally
important part of that strategy is to meet stakeholders’
expectations by continuing to lead the sector in value creation and
sustainability performance.”
Tom Palmer, President and Chief Operating Officer, added, “Our
proven operating model and shared values set the stage for a
successful integration process. Getting this process right is
fundamental to realizing the full potential of the Newmont Goldcorp
combination. Ultimately, our goal is to leverage a more prolific
portfolio and an even richer talent pool to generate superior value
over the course of decades.”
Newmont Goldcorp is expected to immediately:
- Be accretive to Newmont’s Net Asset
Value per share by 27 percent, and to the combined company’s 2020
cash flow per share by 34 percent;i
- Begin delivering $365 million in
expected annual pre-tax synergies, supply chain efficiencies and
Full Potential improvements, representing $4.4 billion in Net
Present Value (pre-tax);ii
- Target six to seven million ounces of
steady gold production over a decades-long time horizon;i
- Have the largest gold Reserves and
Resources in the gold sector, including on a per share basis;
- Be located in favorable mining
jurisdictions and prolific gold districts on four continents;
- Deliver the highest dividend among
senior gold producers;iii
- Offer financial flexibility and an
investment-grade balance sheet to advance the most promising
projects at an Internal Rate of Return (IRR) of at least 15
percent;iv
- Feature a deep bench of accomplished
business leaders, technical teams and other talent with extensive
mining industry experience; and
- Maintain industry leadership in
environmental, social and governance performance.
About Newmont Goldcorp
Newmont Goldcorp is the world’s leading gold company and a
producer of copper, silver, zinc and lead. The Company’s
world-class portfolio of assets, prospects and talent is anchored
in favorable mining jurisdictions in North America, South America,
Australia and Africa. Newmont Goldcorp is the only gold producer
listed in the S&P 500 Index and is widely recognized for its
principled environmental, social and governance practices. The
Company is an industry leader in value creation, supported by
robust safety standards, superior execution and technical
proficiency. Newmont Goldcorp was founded in 1921 and has been
publicly traded since 1925.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor
created by such sections and other applicable laws and
“forward-looking information” within the meaning of applicable
Canadian securities laws. Where a forward-looking statement
expresses or implies an expectation or belief as to future events
or results, such expectation or belief is expressed in good faith
and believed to have a reasonable basis. However, such statements
are subject to risks, uncertainties and other factors, which could
cause actual results to differ materially from future results
expressed, projected or implied by the forward-looking statements.
Forward-looking statements often address our expected future
business and financial performance and financial condition, and
often contain words such as “anticipate,” “intend,” “plan,” “will,”
“would,” “estimate,” “expect,” “believe,” “target,” “indicative,”
“preliminary,” or “potential.” Forward-looking statements in this
press release may include, without limitation: (i) estimates of
future production and sales, including expected annual production
range; (ii) estimates of future costs applicable to sales and
all-in sustaining costs; (iii) expectations regarding accretion;
(iv) estimates of future capital expenditures; (v) estimates of
future cost reductions, efficiencies and synergies, including,
without limitation, G&A savings, supply chain efficiencies,
full potential improvement, integration opportunities and other
improvements and savings; (vi) expectations regarding future
exploration and the development, growth and potential of Newmont
Goldcorp’s operations, project pipeline and investments, including,
without limitation, project returns, expected average IRR,
schedule, decision dates, mine life, commercial start, first
production, capital average production, average costs and upside
potential; (vii) expectations regarding future investments or
divestitures; (viii) expectations of future dividends and returns
to stockholders; (ix) expectations of future free cash flow
generation, liquidity, balance sheet strength and credit ratings;
(x) expectations of future equity and enterprise value; (xi)
expectations of future plans and benefits; (xii) expectations
regarding future mineralization, including, without limitation,
expectations regarding reserves and resources, grade and
recoveries; and (xiii) estimates of future closure costs and
liabilities. Estimates or expectations of future events or results
are based upon certain assumptions, which may prove to be
incorrect. Such assumptions, include, but are not limited to: (i)
there being no significant change to current geotechnical,
metallurgical, hydrological and other physical conditions; (ii)
permitting, development, operations and expansion of Newmont
Goldcorp’s operations and projects being consistent with current
expectations and mine plans, including, without limitation, receipt
of export approvals; (iii) political developments in any
jurisdiction in which Newmont Goldcorp operates being consistent
with its current expectations; (iv) certain exchange rate
assumptions for the Australian dollar or the Canadian dollar to the
U.S. dollar, as well as other exchange rates being approximately
consistent with current levels; (v) certain price assumptions for
gold, copper, silver, zinc, lead and oil; (vi) prices for key
supplies being approximately consistent with current levels; (vii)
the accuracy of current mineral reserve, mineral resource and
mineralized material estimates; and (viii) other planning
assumptions. Risks relating to forward-looking statements in regard
to the Newmont Goldcorp’s business and future performance may
include, but are not limited to, gold and other metals price
volatility, currency fluctuations, operational risks, increased
production costs and variances in ore grade or recovery rates from
those assumed in mining plans, political risk, community relations,
conflict resolution governmental regulation and judicial outcomes
and other risks. In addition, material risks that could cause
actual results to differ from forward-looking statements include:
the inherent uncertainty associated with financial or other
projections; the prompt and effective integration of Newmont’s and
Goldcorp’s businesses (the “integration”) and the ability to
achieve the anticipated synergies and value-creation contemplated
by the integration; the outcome of any legal proceedings that may
be instituted against the parties and others related to the
arrangement agreement; unanticipated difficulties or expenditures
relating to the integration; potential volatility in the price of
Newmont Goldcorp common stock due to the integration; the
anticipated size of the markets and continued demand for Newmont
Goldcorp’s resources; and the diversion of management time on
integration-related issues. For a more detailed discussion of such
risks and other factors, see Newmont’s 2018 Annual Report on Form
10-K, filed with the Securities and Exchange Commission (“SEC”) as
well as the Company’s other SEC filings, available on the SEC
website or www.newmont.com, Goldcorp’s most recent annual
information form as well as Goldcorp’s other filings made with
Canadian securities regulatory authorities and available on SEDAR,
on the SEC website or www.goldcorp.com. Newmont Goldcorp does not
undertake any obligation to release publicly revisions to any
“forward-looking statement,” including, without limitation,
outlook, to reflect events or circumstances after the date of this
press release, or to reflect the occurrence of unanticipated
events, except as may be required under applicable securities laws.
Investors should not assume that any lack of update to a previously
issued “forward-looking statement” constitutes a reaffirmation of
that statement. Continued reliance on “forward-looking statements”
is at investors’ own risk.
________________________i Caution Regarding Projections:
Projections used in this release are considered “forward-looking
statements.” See cautionary statement above regarding
forward-looking statements. Forward-looking information
representing post-closing expectations is inherently uncertain.
Estimates such as expected accretion, NAV, Net Present Value
creation, synergies, expected future production, IRR, financial
flexibility and balance sheet strength are preliminary in nature.
There can be no assurance that the forward-looking information will
prove to be accurate.ii Net Present Value (NPV) creation as used in
this release is a management estimate provided for illustrative
purposes, and should not be considered a GAAP or non-GAAP financial
measure. NPV creation represents management’s combined estimate of
pre-tax synergies, supply chain efficiencies and Full Potential
improvements, as a result of the integration of Newmont’s and
Goldcorp’s businesses that have been monetized and projected over a
twenty year period for purposes of the estimation, applying a
discount rate of 5 percent. Such estimates are necessarily
imprecise and are based on numerous judgments and assumptions.
Expected NPV creation is a “forward-looking statement” subject to
risks, uncertainties and other factors which could cause actual
value creation to differ from expected value creation.iii 2019
dividends beyond Q1 2019 have not yet been approved or declared by
the Board of Directors. Management’s expectations with respect to
future dividends or annualized dividends are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, which are intended to be covered by the safe
harbor created by such sections and other applicable laws.
Investors are cautioned that such statements with respect to future
dividends are non-binding. The declaration and payment of future
dividends remain at the discretion of the Board of Directors and
will be determined based on Newmont’s financial results, balance
sheet strength, cash and liquidity requirements, future prospects,
gold and commodity prices, and other factors deemed relevant by the
Board. The Board of Directors reserves all powers related to the
declaration and payment of dividends. Consequently, in determining
the dividend to be declared and paid on the common stock of the
Company, the Board of Directors may revise or terminate the payment
level at any time without prior notice. As a result, investors
should not place undue reliance on such statements.iv IRR targets
on projects are calculated using an assumed $1,200 gold price.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190417006057/en/
Media ContactOmar Jabara,
303.837.5114omar.jabara@newmont.comInvestor
ContactJessica Largent,
303.837.5484jessica.largent@newmont.com
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