Newmont Announces Acquisition of GT Gold
March 10 2021 - 7:01AM
Business Wire
Supports Position as World’s Leading Gold Company and Enhances
World-Class Portfolio
Newmont Corporation (NYSE: NEM, TSX:NGT) and GT Gold Corp.
(TSX-V: GTT) announced that the companies have entered into a
binding agreement in which Newmont will acquire the remaining 85.1%
of common shares of GT Gold not already owned by Newmont. Under the
terms of the agreement, Newmont will acquire each GT Gold share at
a price of C$3.25, for cash consideration of approximately US$311
million (C$393.0 million).
“We are excited to expand our world-class portfolio to include
the Tatogga project in the Tahltan Territory located in the highly
sought-after Golden Triangle district of British Columbia, Canada”
said Newmont President and CEO Tom Palmer. “Newmont recognizes that
our relationships with Indigenous, First Nations and host
communities are critical to the way we operate. We are committed to
continue building a constructive and respectful relationship with
the Tahltan Nation, including with the community of Iskut, which is
near the project, in anticipation of exploring this highly
prospective area. We understand and acknowledge that Tahltan
consent is necessary for advancing the Tatogga project and we will
partner with the Tahltan Nation at all levels, and with the
Government of British Columbia to ensure a shared path
forward.”
Tahltan Central Government (TCG) President Chad Norman Day
stated the following regarding the acquisition: “The Tahltan
Central Government recognizes Newmont’s purchase of GT Gold and the
Tatogga project. Newmont is a major international mining company
who already has an established relationship with the Tahltan Nation
as Newmont owns 50 percent of the Galore Creek Mining Corporation,
whose project is in Tahltan Territory. TCG understands the
sensitivities of all mining projects and has communicated with
Newmont that Tahltan consent is a requirement for the advancement
of any project in Tahltan Territory. The TCG looks forward to
working with Newmont in a respectful, meaningful and mutually
beneficial way.”
The Tatogga project, including the primary Saddle North deposit,
has the potential to contribute significant gold and copper annual
production at attractive all-in sustaining costs over a long mine
life. In addition to the known deposits at Saddle North, there are
further exploration opportunities throughout the land package. The
acquisition of the Tatogga project adds to Newmont’s existing
interest in the prospective Golden Triangle through the company’s
50 percent ownership in the Galore Creek project.
The transaction is expected to close in the second quarter of
2021, subject to meeting normal closing conditions.
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.
At Newmont, our purpose is to create value and improve lives
through sustainable and responsible mining. To learn more about
Newmont’s sustainability strategy and initiatives, visit us at
www.newmont.com.
About GT Gold
GT Gold is engaged in advancing its wholly-owned, 47,500 hectare
Tatogga property, located in the renowned “Golden Triangle” near
Iskut, British Columbia. To date, GT Gold has made two significant
discoveries on the Tatogga property, “Saddle South”, a precious
metal rich vein system and “Saddle North”, a gold-rich copper
porphyry system.
About the Tahltan Nation
The Tahltan Central Government (TCG) is the administrative
governing body of the Tahltan Nation. The Iskut Band and the
Tahltan Band continue to govern Tahltan interests with respect to
the Indian Act in the communities of Iskut, Dease Lake and
Telegraph Creek. The TCG is the representative government of the
Tahltan Nation with respect to the inherent and collective
Aboriginal title and rights shared by all Tahltan people.
The Tahltan Nation’s Territory spans 95,933 square km of
Northwest British Columbia or the equivalent of 11 percent of the
province. Tahltan Territory includes 70 per cent of BC’s Golden
Triangle – a world-class mining jurisdiction with a thriving
mineral exploration sector. For more information, visit:
www.tahltan.org.
Legal Cautionary Statement: This 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 harbors provided for under such sections.
Forward-looking statements may be accompanied by terminology such
as “will” or comparable terminology. Forward-looking statements
used herein may include, without limitation, expectations regarding
the completion of the GT Gold purchase transaction, timing of
closing, production potential, future all-in sustaining,
exploration opportunities and project pipeline development. Where
the Company expresses 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.
For example, the closing of the transaction remains contingent on
the receipt of approval of the transaction by the Supreme Court of
British Columbia and GT Gold’s shareholders, and satisfaction of
other conditions precedent. As such, no guarantees can be made with
respect to future performance or the closing of the contemplated
transaction. For more discussion of risks and other factors that
might impact future looking statements, see the Company’s 2020
Annual Report on Form 10-K under the heading “Risk Factors”, filed
with the U.S. Securities and Exchange Commission (the “SEC”) and
available on the SEC website or www.newmont.com, as well as the
Company’s other SEC filings. The Company does not undertake any
obligation to release publicly revisions to any “forward-looking
statement,” including, without limitation, outlook, to reflect
events or circumstances after the date of this news release, 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/20210310005471/en/
Newmont Media Contact Courtney
Boone 303.837.5159 courtney.boone@newmont.com Newmont Investor Contact Eric Colby 303.837.5724
eric.colby@newmont.com
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