Newmont to Buy Rest of GT Gold for $311 Million

By Colin Kellaher

Newmont Corp. on Wednesday said it agreed to buy the 85.1% of Canadian gold miner GT Gold Corp. it doesn't already own for about $311 million.

The Greenwood Village, Colo., gold giant said it would pay C$3.25 ($2.57) a share in cash for GT Gold, a nearly 62% premium to Tuesday's closing price of C$2.01 for the Vancouver, British Columbia, miner.

Newmont said the deal bolsters its position in British Columbia's Golden Triangle with the addition of GT Gold's Tatogga project.

Newmont said Tatogga has the potential to contribute significant gold and copper annual production at attractive all-in sustaining costs over a long mine life, adding that it expects to complete the acquisition in the second quarter.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 10, 2021 07:34 ET (12:34 GMT)

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