- Write by:
-
Tuesday, January 7, 2020 - 10:13:56 AM
-
555 Visit
-
Print
Mining News Pro - Australian gold miner Northern Star Resources (ASX: NST) has completed the acquisition of US giant Newmont Goldcorp’s 50% stake in Western Australia’s iconic Super Pit mine for $775 million.
According to Mining News Pro - The deal further increases the size of the ASX-listed gold sector, which has expanded over the past 18 months as local companies like Newcrest, St Barbara, Evolution Mining, Resolute Gold, Saracen and Northern Star itself have grabbed assets from sellers not listed in Sydney.
Northern Star was long rumoured to be after a stake in the Super Pit, with reports pointing at the company as the frontrunner for Barrick Gold’s 50% interest in its massive gold mine. That stake was snatched up by fellow Australian miner Saracen Mineral Holdings in November for $750 million.
Rather than buy Newmont’s half of the company that directly owns the Super Pit, Kalgoorlie Consolidated Gold Mines (KGCM), Northern Star bought Newmont’s Australian subsidiary, which held the stake in KGCM.
The mine currently has an estimated reserve of 7.3 million ounces and has produced on average 660,000 ounces a year at an all-in sustaining cost of around A$1,100 per ounce over the last five years.
However, the operation has gone from being a low-cost one to the higher end of the cost curve, mostly due to a partial collapse on the eastern wall of the mine in 2018. Additionally, the asset is expected to run out of ore by 2029 and when that happens, rehabilitation costs are forecast to run into hundreds of millions of dollars.
Short Link:
https://www.miningnews.ir/En/News/468128
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
No comments have been posted yet ...