Newcrest Mining Limited (NCM:ASX) has received conditional approval to list on the Toronto Stock Exchange (TSX) on 13 October 2020 ( Toronto time), subject to meeting customary conditions before listing.
The Company will retain its primary listing on the Australian Securities Exchange (ASX), and its secondary listing on PNGX Markets, under the trading symbol “NCM”.
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 .”
“We have observed an increase in interest from North American investors in the gold sector over the last six months. 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”.
“We believe the TSX listing will improve the global visibility of the Company and broaden our access to the large North American capital pool.”
Newcrest anticipates satisfying the remaining conditions for the listing to proceed and trading in the Company’s shares to be able to commence on the TSX on 13 October 2020 ( Toronto time).
There is no equity offering planned to be associated with this listing.
Authorised by the Newcrest Disclosure Committee
This information is available on our website at www.newcrest.com
Why is Newcrest listing on the TSX?
A North American listing is part of our strategy of pursuing growth in the Americas. We already have a large existing North American shareholder base and therefore it makes sense for investors to be able to trade our stock in their time zone should they wish to do so. We have also noted that there has been a recent sustained increase in generalist investor interest in gold companies in North America . Therefore, we think that now is the right time to offer North American investors exposure to Newcrest’s unique long life and low-cost operations together with our unique capabilities.
When will trading commence?
We expect that trading will be able to commence at 9.30am on Tuesday 13 October 2020 ( Toronto time).
Why list on the TSX?
We consider that the TSX is a leading exchange for gold companies and it’s also where most of our North American peers hold their primary listings. The TSX has a strong representation of resources companies, which has attracted a lot of investment activity from the North American market.
Newcrest holds a unique position in the market with our long reserve life, low cost production, exciting pipeline of growth projects, our strong technical and exploration capabilities, strong balance sheet and track record of delivering on our commitments. There has been strong investor demand for gold and we believe that this listing will benefit our existing north American investors by enabling them to trade in their time zone. It will also expose us to a wider capital pool from the North American market.
Will Newcrest be required to produce quarterly accounts?
As Newcrest will be a Designated Foreign Issuer as defined by the Canadian regulators (meaning less than 10% of our share registry is currently Canadian residents), we are not required to publish quarterly accounts. We will continue to publish half-yearly financial statements as per current practice.
Will Newcrest continue to offer trading under its American Depositary Receipts (ADR) program?
Newcrest ADR’s on the NYSE will continue to trade and are unaffected by the TSX listing.
What additional information will you provide via the 43-101s?
We will release National Instruments 43-101 Technical Reports for Lihir, Cadia and Golpu that provide additional information on these operations. Under Canadian regulations (National Instrument 43-101), we are required to publish Technical reports on what we consider to be our Material Properties assessed at the date of the listing. We have assessed these to be Lihir, Cadia and Golpu and will be releasing those reports once the listing has gone live (on 13 October).
What proportion of your shareholders come from America?
Approximately 32% of our register is held in North America .
Will you be included in the TSX S&P Gold Index?
Listing on the TSX allows Newcrest to be considered for inclusion on the TSX S&P Gold Index. However, as only the shares traded on the TSX are included in the float calculation, and we expect this to be minimal upon listing, we will not be immediately eligible.
How will the trading on the TSX work?
Inter-trading between the ASX and TSX is fully fungible and is essentially seamless. Traders who work an order during the TSX hours then pass the directions of any unfulfilled trades to their ASX counterparts who work on it/fill it in their hours, seamless to the client. The shunting/back office work occurs after the trade and is invisible to the client.
SOURCE Newcrest Mining Limited