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Newmont has completed its acquisition of Newcrest Mining with the aim of creating a world-leading gold miner.

Now featuring more than half of the world’s Tier-1 assets, Newmont said its portfolio of long-life operations, value-accretive projects, exploration opportunities, and world-class talent will underpin years of profitable production.

“Today marks a historic milestone in our company and the industry with the successful completion of this transformational acquisition of Newcrest by Newmont,” Newmont president and chief executive officer Tom Palmer said.

“Our attention now turns to safely, efficiently, and responsibly integrating Newcrest’s assets and people into Newmont’s proven operating model, so we can accelerate the delivery of our value-focused strategy for all our stakeholders.”

With the transaction now complete, the acquisition is expected to strengthen Newmont’s position as a responsible gold mining leader through the combination of high-quality operations, projects and reserves concentrated in low-risk jurisdictions, including 10 Tier-1 operations.

The deal is expected to generate annual pre-tax synergies of $500 million, slated to be achieved within the first 24 months, together with at least $2 billion in cash improvements through portfolio optimisation in the first two years.

Newmont hopes to maintain balanced capital allocation priorities and industry-leading non-binding dividend payouts. Since closing the Goldcorp transaction in 2019, Newmont has paid more than $5 billion in dividends.

The company said its next steps involve setting up a deep bench of experienced leaders, subject matter experts and existing regional teams in Australia and Canada with extensive mining industry experience.