Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Newmont's and Newcrest's shareholders approve $16.4 bn takeover

13 october 2023

The shareholders of Newcrest have approved the takeover of the company by Newmont, while the shareholders of the latter have also decided in favor of the acquisition, and the merger of the two gold producers is now being subject to court approval.

The gold mining sector’s largest-ever takeover has been cemented after shareholders of both companies approved a deal valued at around A$26 billion. Newmont's offer represented a 30.4% premium to Newcrest’s undisturbed closing price of A$22.45 a share on February 3, and a 39.1% premium to the company’s undisturbed 30-day volume weighted average share price.

The deal will consolidate Newmont’s position as the world’s top producer of bullion.

“Recognizing the strategic rationale to create the industry’s strongest portfolio of world class gold and copper assets, Newmont’s shareholders overwhelmingly voted in favour of this transformational transaction,” said Newmont president and CEO Tom Palmer.

“This unrivalled platform, featuring the industry’s best talent running the highest concentration of Tier 1 assets in the most favorable jurisdictions, uniquely positions Newmont to generate superior returns for decades.”

Newcrest chairperson Peter Tomsett told shareholders that the company would now apply to the Federal Court of Australia to approve the scheme, with a hearing scheduled for October 17. The company is expected to suspend share trading on the ASX, PNGX and TSX on the close of October 26.

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished