M&A

Copper galore for Newmont

US miner joins Teck in Galore Creek development

Staff reporter
 Newmont thinks there is a buck of gold, copper and silver at the end of the rainbow

Newmont thinks there is a buck of gold, copper and silver at the end of the rainbow

The major gold miner will pay Novagold $100 million upfront and hand over the rest as the project in British Columbia progresses.

Novagold released a prefeasibility study in 2011 but the project stalled and the JV has held off on development.

The measured and indicated resource is said to contain 4 million tonnes of copper, 8 million ounces of gold and 136Moz of silver.

The new partners will spend three to four years doing a new PFS.  

Newmont CEO Gary Goldberg said the project could become a major polymetallic mine.

"Galore Creek holds the potential to support decades of profitable copper and gold production in a favorable mining jurisdiction, in line with our strategy to create long-term value for our stakeholders," he said.

This is Newmont's only project in Canada.

The major gold miner released its June quarter results this week, meeting consensus production expectations with 1.16Moz while adjusted earnings per share of 27c landed below BMO's forecast of 29c.

Newmont shares were up 2.3% to $38.34 on the results and acquisition news.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.