- Write by:
-
Thursday, March 11, 2021 - 12:15:58 PM
-
622 Visit
-
Print
Mining News Pro - Newmont Corporation has agreed to acquire Canadian miner GT Gold Corp for $US311 million ($402 million) in a deal that will bolster its copper-gold output.
A key driver of the agreement is GT Gold’s Tatogga project in British Columbia, Canada, which is 20 kilometres from Newmont’s Red Chris copper-gold mine.
The project’s Saddle North deposit contains an indicated resource of 298 million tonnes with 1.81 billion pounds of copper and 3.47 million ounces of gold.
Newmont president and chief executive Tom Palmer said the company would work with Indigenous communities to advance the project.
“We are excited to expand our world-class portfolio to include the Tatogga project in the Tahltan Territory located in the highly sought-after Golden Triangle district of British Columbia, Canada,” he said.
“We understand and acknowledge that Tahltan consent is necessary for advancing the Tatogga project and we will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward.”
According to Newmont, the Tatogga project will bolster its gold and copper production further, adding to its interest in British Columbia’s Golden Triangle.
Newmont currently holds 50 per cent ownership of the Galore Creek copper-gold mine in the Golden Triangle with Teck Resources.
The Tahltan Central Government (TCG), the governing body of the Tahltan nation, has also acknowledged the agreement.
“Newmont is a major international mining company who already has an established relationship with the Tahltan Nation as Newmont owns 50 per cent of the Galore Creek Mining Corporation, whose project is in Tahltan Territory,” TCG president Chad Norman Day said.
“TCG understands the sensitivities of all mining projects and has communicated with Newmont that Tahltan consent is a requirement for the advancement of any project in Tahltan Territory.
“The TCG looks forward to working with Newmont in a respectful, meaningful and mutually beneficial way.”
The agreement will see the remaining 85.1 per cent of common shares from GT Gold that are not already owned by Newmont, acquired at $C3.25 ($3.33) per share.
Newmont expects the acquisition to be finalised in the second quarter of this year.
Short Link:
https://www.miningnews.ir/En/News/611765
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
No comments have been posted yet ...