Newmont and Agnico Eagle Form Exploration Joint Venture in Colombia
September 29 2020 - 5:30PM
Business Wire
Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the
Company) announced today that it has formed an Exploration Joint
Venture in Colombia with Agnico Eagle Mines Limited (NYSE: AEM,
TSX: AEM) (Agnico Eagle). The 50-50 Joint Venture, which will be
operated by Agnico Eagle, will explore the Anzá project and advance
other prospective gold targets of district-scale potential in
Colombia.
The Anzá project is a gold exploration project, comprising
exploration contracts and applications totaling approximately 200
km2 located in the Mid-Cauca belt in Colombia. The project is 50 km
west of Medellin and 60 km south from Zijin Mining’s Buriticá
operation. More information on the Anza project and Newmont’s
Exploration Agreement with Orosur Mining Inc. can be found
here.
“We are excited to partner with Agnico Eagle to further advance
exploration opportunities in this highly prospective region in
Colombia,” said Tom Palmer, President and Chief Executive Officer.
“Our companies share similar views of safe and responsible mining
practices with proven expertise in Greenfields exploration
areas.”
Agnico will sole fund the Joint Venture until expenditures equal
Newmont’s previous investment in the Anza project (approximately
$2.9 million). Thereafter the parties will continue funding on a
50-50 basis.
About Newmont
Newmont is the world’s leading gold company and a producer of
copper, silver, zinc and lead. The Company’s world-class portfolio
of assets, prospects and talent is anchored in favorable mining
jurisdictions in North America, South America, Australia and
Africa. Newmont is the only gold producer listed in the S&P 500
Index and is widely recognized for its principled environmental,
social and governance practices. The Company is an industry leader
in value creation, supported by robust safety standards, superior
execution and technical expertise. Newmont was founded in 1921 and
has been publicly traded since 1925.
Cautionary Statement Regarding Forward-Looking
Statements:
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor
created by such sections and other applicable laws. Where a
forward-looking statement expresses or implies an expectation or
belief as to future events or results, such expectation or belief
is expressed in good faith and believed to have a reasonable basis.
However, such statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by
the forward-looking statements. Forward-looking statements may
include, without limitation, expectations regarding the future
exploration, advancement of exploration opportunities, prospects in
Colombia, future performance of the joint-venture, future capital
needs and funding of the joint-venture and future results.
Estimates or expectations of future events or results are based
upon certain assumptions, which may prove to be incorrect. Such
assumptions, include, but are not limited to: (i) there being no
significant change to current geotechnical, metallurgical,
hydrological and other physical conditions; (ii) permitting and
development being consistent with current expectations and mine
plans, (iii) political developments in Colombia being consistent
with its current expectations; (iv) certain exchange rate
assumptions being approximately consistent with current levels; (v)
certain price assumptions for gold, copper, silver, zinc, lead and
oil; (vi) prices for key supplies being approximately consistent
with current levels; and other planning assumptions. Uncertainties
relating to the impacts of COVID-19, include, without limitation,
general macroeconomic uncertainty and changing market conditions,
changing restrictions on the mining industry, the ability to engage
in exploration and related activities following changing
governmental restrictions on travel and operations (including,
without limitation, the duration of restrictions, including access
to sites, ability to receive supplies and fuel, impacts to staffing
in connection with decisions intended to protect the health and
safety of the workforce, their families and neighboring
communities), and the impact of additional waves of the pandemic or
increases of incidents of COVID-19 in Colombia. For a more detailed
discussion of risks and other factors that might impact future
looking statements, see the Company’s Annual Report on Form 10-K
for the year ended December 31, 2019 filed with the U.S. Securities
and Exchange Commission (the “SEC”), under the heading “Risk
Factors”, as well as the COVID-19 related “Risk Factor” in the
Quarterly Report on Form 10-Q for the year ended March 31, 2020,
filed with the SEC on or about May 5, 2020 available on the SEC
website or www.newmont.com. The Company does not undertake any
obligation to release publicly revisions to any “forward-looking
statement” to reflect events or circumstances after the date of
this presentation, or to reflect the occurrence of unanticipated
events, except as may be required under applicable securities laws.
Investors should not assume that any lack of update to a previously
issued “forward-looking statement” constitutes a reaffirmation of
that statement. Continued reliance on “forward-looking statements”
is at investors’ own risk.
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version on businesswire.com: https://www.businesswire.com/news/home/20200929006136/en/
Media Contact Eric Colby
303.837.5724 eric.colby@newmont.com
Investor Contact Jessica Largent
303.837.5484 jessica.largent@newmont.com
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