Newcrest Mining to list shares on Toronto exchange as Americas investments multiply

TORONTO — Australian miner Newcrest Mining Ltd. says it has conditional approval to list its shares on the Toronto Stock Exchange, a move designed to increase its exposure to North American investors.

It says it expects to satisfy remaining conditions for the listing in time to allow trading to start on Oct. 13, adding it plans no equity offering with the listing.

Newcrest says the listing is part of its strategy to pursue growth in the Americas.

It bought a 70 per cent interest in 2019 in the Red Chris copper and gold mine in B.C. for about $1 billion and acquired an equity interest in 2018 in Vancouver-based Lundin Gold Inc. to help it develop the Fruta Del Norte gold project in Ecuador.

Newcrest says it plans to retain its primary listing on the Australian Securities Exchange and its secondary listing on Papua New Guinea’s national stock exchange.

Newcrest CEO Sandeep Biswas says the Melbourne-based company believes a Toronto listing will improve its global visibility.

“We have observed an increase in interest from North American investors in the gold sector over the last six months,” he said in a news release.

“When combined with our large existing North American shareholder base, it makes sense for Newcrest stock to be able to be traded in this time zone.”

This report by The Canadian Press was first published Oct. 6, 2020.

The Canadian Press