Newcrest to list on Canadian exchange
Shares in Australia's biggest listed gold producer could be trading on the Toronto Stock Exchance with a fortnight, after Newcrest Mining revealed it had won preliminary approval for the new listing.
Newcrest has been developing the plan for many months, and had forecast to be listed in Toronto by the end of the first quarter in 2012.
Today the Melbourne-based company said its application had received "conditional approval, subject to satisfaction by the company of customary conditions prior to listing".
Newcrest said it expected to satisfy those conditions and should be trading in Toronto "in early March".
Toronto is considered one of the world's primary exchanges for mining companies, and Newcrest chief executive Greg Robinson recently said the listing would allow Newcrest to be more easily compared to its rivals in the gold sector.
It will also allow the company to more easily tap Canadian investors, who are traditionally familiar with the mining sector.
High gold prices have Newcrest on track to record a profit of more than $1 billion in the year to June 30, 2012.
Newcrest shares were 81 cents higher at $35.91 shortly before midday, despite the broader market tracking slightly lower than yesterday's close.
-------------------------Thursday March 1, 2012 - Newcrest Mining Limited Opens the Market
Greg Robinson, CEO, Newcrest Mining Limited joined Tom Kloet, CEO, TMX Group to open the market today. Newcrest is an international gold company with an asset portfolio that includes eight operating mines. The company is currently exploring prospects in Papua New Guinea, Fiji, Western Australia, Indonesia and Cote d'Ivoire. Newcrest Mining trades on Toronto Stock Exchange under the stock symbol NM. For more information www.newcrest.com.au