(Bloomberg) — Newcrest Mining Ltd., Australia’s largest gold producer, will be better positioned to push ahead with growth in the Americas after winning approval for a new listing in Toronto, according to its top executive.
The producer won conditional clearance to list on the Toronto Stock Exchange from next week, and is returning to the bourse amid renewed investor appetite for gold equities and to reflect the company’s emphasis on growth in the region, Chief Executive Officer Sandeep Biswas said Tuesday in a phone interview.
Photographer: Carla Gottgens/Bloomberg
Melbourne-based Newcrest has spent about $1.3 billion since last year to acquire the Red Chris mine in Canada and to increase its exposure to the Lundin Gold Inc.’s Fruta del Norte operation in Ecuador. It’s also focused on exploration in the U.S., Mexico and Chile.
“This cements that and obviously puts some more emphasis on it,” Biswas said. “It increases our optionality when we want to do things.”
Video: CNBC Markets Now: October 01, 2020 (CNBC)
Newcrest, which raised about A$1.2 billion ($860 million) in share sales this year, has had renewed interest from North American investors in recent months as gold prices surged to a record. The company previously removed a Toronto listing in September 2013 after trading in Canada for about 18 months.
“There’s a heightened interest in gold, particularly from generalist funds, and you’re starting to see some of that money coming into the market,” Biswas said. “I see no reason for that not to continue.”
Newcrest has advanced about 3% in Sydney trading this year, compared to a 45% gain for industry leader Newmont Corp.’s U.S.-listed shares and a