Newcrest Mining
Newcrest Mining was an Australian international gold and copper mining company whose assets were acquired by Newmont in 2023.
Last updated November 2, 2026
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Overview
Newcrest Mining Limited was an Australian-based mining company focused on the exploration, development, extraction and sale of gold, together with the production and marketing of gold-copper concentrate. It grew from an Australian subsidiary established by Newmont Mining Corporation in 1966 into one of Australia’s largest gold producers and an international operator with mines and exploration interests across Australia, Papua New Guinea, Canada, Indonesia and other regions. The company’s corporate history developed through several stages. The Australian Newmont subsidiary became Newmont Holdings Pty Ltd in 1980 and was listed on the Australian Securities Exchange in 1987 as Newmont Australia Limited. In 1990, acquisitions involving Australmin Holdings Limited and a substantial interest in BHP Gold Mines helped produce the Newcrest Mining identity. Newcrest initially concentrated on Australian assets, particularly the Cadia Valley operations in New South Wales and Telfer in Western Australia, but began overseas exploration in the early 1990s as it sought to become a globally significant gold producer. Its international expansion included exploration and operating interests in Indonesia and Papua New Guinea. A major turning point came in 2010, when Newcrest merged with Lihir Gold. The transaction brought the Lihir mine in Papua New Guinea into the portfolio and substantially increased the company’s production scale. Newcrest subsequently expanded in North America, acquiring a 70% interest in the Red Chris mine in British Columbia in 2019 and completing the acquisition of Pretium Resources and its Brucejack operation in Canada in 2022. Newcrest’s principal production assets included Cadia in New South Wales, Telfer in Western Australia, Lihir and Hidden Valley in Papua New Guinea, and Red Chris and Brucejack in Canada. The company produced both refined-gold-related commodities and copper-gold concentrate. Concentrate was sold through long-term and merchant arrangements to regional smelters, including customers in Japan. The company faced criticism concerning alleged human-rights issues and environmental impacts, especially in connection with exploration and mining activity on Indonesia’s Halmahera Island. Like other large mining companies, it also operated amid continuing scrutiny over environmental management, community relations, mine safety, permitting and the social consequences of resource development. Newmont made an initial takeover proposal in February 2023 that Newcrest’s board rejected. A revised proposal was accepted in May 2023, and the acquisition was completed in November 2023. Newcrest was then delisted and its operations became part of Newmont’s global portfolio. As a result, Newcrest no longer operates as an independent listed mining company, although several assets formerly associated with the brand continue under Newmont ownership.
History
Newcrest’s roots lay in Newmont Mining Corporation’s decision to establish an Australian subsidiary in 1966. Newmont, founded in the United States in 1921, had developed into an international mining investor and used its Australian subsidiary to participate in the country’s expanding minerals sector. The Australian business later reported the discovery of the Telfer deposit in Western Australia in the early 1970s, establishing one of the important foundations of the future company. In 1980, the subsidiary became Newmont Holdings Pty Ltd and was based in Victoria. It was listed on the Australian Securities Exchange in 1987 as Newmont Australia Limited. In 1990, the business acquired Australmin Holdings Limited and a 92% interest in BHP Gold Mines Limited. These transactions accompanied the adoption of the Newcrest Mining name and gave the company a broader Australian gold platform. For much of its early development, Newcrest’s emphasis remained domestic. The Cadia project in New South Wales became a major long-term growth asset: development of Cadia Hill began in 1996 and production started in 1998, with the broader Cadia Valley district later incorporating the Ridgeway underground operation. Telfer, in the Pilbara region of Western Australia, became another principal mine. The company also participated in the restart of gold mining at Cracow in Queensland in 2004 through a joint venture, although it later disposed of that interest after the relevant corporate assets passed into the structure that became Evolution Mining. Newcrest began a more deliberate international expansion in 1991. It established exploration offices and companies in locations including Jakarta and Chile, aiming to become a recognized international gold explorer and producer rather than remain primarily an Australian operator. Exploration in the Halmahera Islands of Indonesia resulted in an offshore gold discovery in 1992. The company described its strategic ambition in the 1990s as becoming a world-scale producer, and by 2002 the Newcrest group had grown to a capitalization exceeding A$2 billion according to the historical account summarized in the reference material. The most consequential expansion occurred in Papua New Guinea. In 2010, Newcrest pursued and completed its combination with Lihir Gold. The transaction, valued at approximately US$9.45 billion under the reported terms, provided control of the Lihir mine and transformed Newcrest’s production profile. Newcrest also operated Hidden Valley in Papua New Guinea through Morobe Mining Joint Ventures, a 50:50 venture with Harmony. Its Papua New Guinea presence made the company a significant international operator but also placed it in jurisdictions where environmental, community and human-rights questions attracted public attention. The company continued to broaden its portfolio during the 2010s and early 2020s. It had previously operated or held interests in assets such as Bonikro in Côte d’Ivoire and Gosowong in Indonesia, while its exploration programs extended across the Americas, Asia and Europe. In 2019, Newcrest acquired a 70% interest in Red Chris in British Columbia in partnership with Imperial Metals. In 2022, it completed the acquisition of Pretium Resources, adding the Brucejack mine and strengthening its concentration of large, long-life assets in Canada. Newcrest’s operating model combined open-pit and underground mining with mineral processing and the sale of gold-copper concentrate. Cadia and Ridgeway supplied gold and copper from New South Wales; Telfer contributed gold and copper from Western Australia; Lihir and Hidden Valley provided gold-related production in Papua New Guinea; and Red Chris and Brucejack expanded the Canadian platform. Concentrate was marketed under long-term contracts and through merchants, including arrangements involving Japanese smelters. Newmont returned as the decisive force in Newcrest’s final corporate chapter. Newmont submitted an approximately US$24.4 billion proposal in February 2023, which Newcrest’s board rejected. After negotiations, Newcrest accepted a revised offer reported at approximately US$28.8 billion in May. The transaction closed in November 2023, Newcrest was delisted from the Australian Securities Exchange, and its mines and projects were absorbed into Newmont. The Newcrest brand therefore became a former independent mining-company identity, while many of its assets continued operating within Newmont.
- 2023
Newcrest acquired by Newmont
[1]Newmont completes the takeover and Newcrest is delisted from the Australian Securities Exchange.
- 2022
Brucejack joins the portfolio
[1]Newcrest completes its acquisition of Pretium Resources and the Brucejack mine.
- 2019
Red Chris acquisition
[1]Newcrest acquires a 70% interest in Red Chris in British Columbia.
- 2010
Lihir merger completed
[1]Newcrest combines with Lihir Gold, acquiring the Lihir operation and substantially increasing its international scale.
- 2004
Cracow mining restarts
[1]Gold mining resumes at Cracow in Queensland through a joint venture involving Newcrest and Sedimentary Holdings.
- 1998
Cadia production begins
[1]Cadia Hill enters production, later becoming part of the broader Cadia Valley operations.
- 1996
Cadia Hill development begins
[1]Development starts at Cadia Hill in New South Wales.
- 1992
Halmahera gold discovery
[1]The company reports its first offshore gold discovery in the Halmahera Islands of Indonesia.
- 1991
International exploration begins
[1]Newcrest expands exploration beyond Australia, including activity in Indonesia and Chile.
- 1990
Newcrest Mining identity established
[1]Acquisitions involving Australmin Holdings and BHP Gold Mines precede adoption of the Newcrest Mining name.
Products and positioning
A large-scale, internationally diversified gold producer with additional copper exposure, built around long-life underground and open-pit assets and a portfolio of major operating mines.
Precious metals
Gold
Gold was Newcrest’s principal product and the economic focus of its mining portfolio. Production came from a mixture of open-pit and underground operations in Australia, Papua New Guinea and Canada. Gold was sold through bullion and concentrate-related marketing channels, depending on the processing configuration of each operation.
Mineral concentrate
Copper-gold concentrate
Newcrest produced copper-gold concentrate from polymetallic deposits including Cadia, Telfer and Red Chris. The concentrate was marketed under long-term contracts and through merchants to regional smelters, including Japanese customers, where contained metals could be further processed into refined products.
By-product metal
Silver
Silver was recovered as a by-product at some Newcrest operations, particularly where the orebody contained economically recoverable silver alongside gold and other metals. It was not the company’s primary strategic commodity.
Controversies
2021
Newcrest Mining fined after worker was mauled by dingoes
Newcrest Mining was fined $105,000 and ordered to pay $6,255 in costs after a contractor suffered serious injuries in a dingo attack at Telfer Mine in 2018. The penalty and costs order followed the incident at the mine site. The event was reported on 2 September 2021.
Criticism concerning Halmahera impacts
Newcrest was accused of contributing to human-rights violations and environmental damage, particularly in relation to activity on Halmahera Island in Indonesia. The available reference material does not provide enough detail to establish specific allegations, findings, dates or legal outcomes.
Brand decisions
2023
Newmont takeoverM&ABackground
Newmont sought to combine two major gold producers and obtain Newcrest’s portfolio of long-life assets.
Action taken
Newcrest rejected Newmont’s initial approximately US$24.4 billion proposal, then accepted a revised offer reported at approximately US$28.8 billion.
Aftermath
The acquisition closed in November 2023. Newcrest was delisted and ceased to exist as an independent listed company.
Revised takeover value. Approximately US$28.8 billion (2023)
2022
Acquisition of Pretium ResourcesM&ABackground
Newcrest aimed to add Brucejack, a Canadian underground mine, to its portfolio of large-scale assets.
Action taken
Newcrest completed the acquisition of Pretium Resources on 9 March 2022.
Aftermath
Brucejack became wholly owned by Newcrest and expanded its Canadian presence.
Agreed consideration per Pretium share. US$14.87 per share (2021 agreement)
2019
Acquisition of Red Chris interestM&ABackground
Newcrest pursued additional long-life gold and copper resources in Canada.
Action taken
It acquired a 70% interest in the Red Chris operation through a joint venture with Imperial Metals.
Aftermath
Red Chris became part of Newcrest’s North American operating platform.
2010
Combination with Lihir GoldM&ABackground
Newcrest sought greater international scale and access to Lihir’s large Papua New Guinea gold operation.
Action taken
It agreed to combine with Lihir Gold in a share-and-cash transaction reported at approximately US$9.45 billion.
Aftermath
The transaction created a substantially larger gold producer and made Lihir a central asset in Newcrest’s international portfolio.
Transaction value. Approximately US$9.45 billion (2010)
Recent events
- 2023
Newmont makes initial takeover offer for Newcrest[1]
M&A
Newmont proposed a takeover valued at approximately US$24.4 billion; Newcrest’s board rejected the initial proposal.
- 2023
Newcrest accepts revised Newmont takeover offer[1]
M&A
Newcrest’s board accepted a revised takeover proposal valued at approximately US$28.8 billion.
- 2023
Newmont completes acquisition of Newcrest[1]
M&A · Other
Newmont completed its acquisition of Newcrest, after which Newcrest was delisted from the Australian Securities Exchange.
- 2022
Newcrest completes Pretium acquisition[1]
M&A
The acquisition of Pretium Resources was completed, bringing 100% of the Brucejack operation into Newcrest’s portfolio.
- 2021
Newcrest agrees to acquire Pretium Resources[1]
M&A
Newcrest agreed to acquire Pretium Resources, a transaction that would add the Brucejack mine to its Canadian portfolio.
- 2019
Newcrest acquires majority interest in Red Chris[1]
M&A
Newcrest acquired a 70% interest in the Red Chris operation in British Columbia through a joint venture with Imperial Metals.
- 2010
Newcrest announces merger discussions with Lihir Gold[1]
M&A
Newcrest announced discussions to combine with Lihir Gold in a transaction intended to create a much larger international gold producer.
- 2010
Lihir shareholders approve Newcrest transaction[1]
M&A
Lihir shareholders approved the proposed combination, followed later that month by clearance from Papua New Guinea’s national court.
Sources2 sources
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