Red Lake sells for $375m
NEWMONT Goldcorp has continued to streamline its asset base, selling its Red Lake complex in Ontario, Canada, to Evolution Mining. As part of the binding agreement, Newmont will receive $375m in cash as well as contingent payments of up to an additional $100m tied to new resource discoveries. Newmont president and chief executive Tom Palmer said the transaction both strengthens the company’s balance sheet and provides ongoing exposure to new discoveries at Red Lake. “Evolution is a highly respected and responsible gold producer who is committed to the success of Red Lake and who we believe will prove a great partner for surrounding communities and stakeholders,” Mr Palmer said. Under terms of the $100m contingent payment, Evolution will pay Newmont…