when the ASX giant is without a permanent chief executive.
Its current chief executive, Tom Palmer, is one of the global mining sector’s more respected bosses – it’s not for nothing he was mentioned in dispatches as a potential chief executive of Rio Tinto when Jean-Sébastien Jacques stepped down in 2020.
Newmont’s first offer, made in late January at an exchange ratio of 0.363 Newmont shares for each Newcrest share, was swiftly rejected by Newcrest chairman Peter Tomsett. But Palmer came back on Sunday with a second offer at 0.38 Newmont shares for each Newcrest share; this latest offer was flushed out byThe Newcrest board are now mulling the offer.
A fresh round of deals has long been predicted; Yamana Gold’s executive chairman Peter Marrone said last month that chatter across the industry pointed to a slew of potential tie-ups.There are a few reasons for the consolidation calls. The first issue is that for all the deals big and small over the last decade or so, the sector remains very fragmented – bigger companies should be able to extract bigger economies of scale, or so the theory goes.
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