Newcrest's North American Gold Rush
Newcrest, Australia's largest gold miner, has announced key growth projects and plans to list on the Toronto Stock Exchange (TSX) as early as next week.
The announcement comes following an increase in interest from North American investors in the gold sector over the last six months, coupled with a large existing North American shareholder base. Newcrest said it believes the TSX listing will improve the company's global visibility broaden access to the large North American capital pool.
The company noted it had received conditional approval to list on the TSX on October 13, subject to meeting customary conditions before listing. The ASX will remain the groups primary listing, along with a secondary listing on PNGX Markets.
Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said: "A North American listing is part of our strategy of pursuing growth in the Americas following our 70% acquisition of the Red Chris mine in Canada in 2019 and our investments in Ecuador.”
In addition to the TSX news, Newcrest also reported it had approved two projects at Cadia and Lihir, as well as commenced diamond drilling at its Aileron joint venture located in the West Arunta region of WA.
Newcrest's investments come off the back of soaring gold prices this year, as investors seek out safe havens to hedge against the volatility of the coronavirus pandemic.
Rising gold prices have encouraged significant new investment in gold exploration across Australia and lifted gold export earnings. The federal government projects gold exports will reach a record of $31 billion in 2020-21.