Tag: Newmont

Newmont expansion pays off

Newmont expansion pays off

EXPANSION at its Australian operations has paid off for Newmont, enabling it to record the largest gold mineral reserves in the company’s history. Of the miner’s record gold reserves of 100.2m attributable ounces for 2019, 88pc are located in the US and Australia, boosted by the strong base at the Boddington and Tanami mines in WA. The Tanami project contributed 1.5moz of gold reserves, 1.1moz of measured and indicated gold resources, and 1.6moz of inferred resource. Newmont president Tom Palmer said the acquisition of Goldcorp in 2019, along with the Nevada Gold Mines JV and continued exploration, added almost 50moz to the gold reserves. The Boddington mine boasts a mine life of 14 years and the Tanami mine 12.

Barrick Proposes Newmont Merger

Barrick Proposes Newmont Merger

Barrick and Newmont jointly owned the Kalgoorlie Super Pit. BY ELIZABETH FABRI BARRICK Gold has confirmed it is reviewing an opportunity to merge with global rival Newmont Mining in an all-share nil premium transaction. Following various media reports, on 22 February Barrick issued a two sentence statement verifying the news, but assured “no decision has been taken at this time”. The mining giants jointly owned the Kalgoorlie Consolidated Gold Mines (KCGM) venture, which operates the Kalgoorlie Super Pit, in WA. Takeover talks followed an active six months of M&A in the gold space, including Barrick’s $US6.5 billion acquisition of Randgold Resources in January. In January, Newmont had also made a $US10 billion offer to purchase Goldcorp, which was scheduled to…

Newmont mega merger with Goldcorp

Newmont mega merger with Goldcorp

BY ELIZABETH FABRI NEWMONT Mining has entered a deal to acquire Canadian gold company Goldcorp for $US10 billion. The acquisition marked the second large-scale merger in the gold industry in the last six months following Barrick Gold’s landmark purchase of Randgold Resources in September 2018 for $US6 billion. Under the deal, the two miners would form Newmont Goldcorp; the world’s largest gold miner by output, with a portfolio of assets across North and South America, Canada, Australia and Africa. Newmont would acquire each Goldcorp share for 0.3280 of a Newmont share, with Newmont and Goldcorp shareholders to own 65 per cent and 35 per cent of the combined entity respectively. Goldcorp currently operated four mines in Canada, one in Argentina,…

Newmont: Race to the Top

Newmont: Race to the Top

BY ELIZABETH FABRI ALL signs indicate Newmont Mining could dethrone Barrick Gold as the world’s largest gold producer this year. Newmont’s Australian division has been a key player in the race, kicking goals across its three operations – KCGM, Tanami, and Boddington. Back in 2007, Newmont’s vice-chairman at the time, Pierre Lassonde, told reporters at the Kalgoorlie Diggers and Dealers conference that he hoped Newmont would overtake Barrick Gold (its joint venture partner in KCGM) in the gold space. In 2016, Newmont president and chief executive Gary Goldberg told Bloomberg this wasn’t an area of focus; instead the value that is added to projects and growing margins. “We’re not about getting bigger, it’s about growing margins,” Mr Goldberg said. However,…