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Newmont Goldcorp merger finalized

Transaction creates one of world’s largest mining companies
goldcorp - Porcupine
Newly created Newmont Goldcorp counts Porcupine Gold Mines in Timmins among its assets. (Source: Goldcorp Flickr)

The $10-billion merger of Newmont Mining Corp. and Goldcorp has been completed, creating a new company, Newmont Goldcorp.

The company announced the deal was complete on April 18, just one week after Newmont shareholders voted overwhelmingly in favour of the transaction.

A news release issued by the new company called its portfolio of assets, prospects and talents “unmatched.”

“We’ve met our goal to become the world’s leading gold business, and we’ll maintain that position by executing our winning strategy,” CEO Gary J. Goldberg said in a release.

“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.”

In Canada, the company's assets include Porcupine Gold Mines in Timmins, which comprises the Hoyle Pond underground mine and the Hollinger open-pit mine; Musselwhite Mine, a fly-in complex located 500 kilometres of Thunder Bay; and the Red Lake operations, which include the Red Lake and Campbell underground mining and processing complexes.

The company also has a number of development projects in the works, including Borden Lake, its first all-battery-electric mine, located near Chapleau; the Century project, a potential large-scale open pit mine and related processing facility in Timmins; and the Cochenour development project, a potential new source of ore located five kilometres from Red Lake.