SEATTLE (Scrap Monster): Newmont Corporation announced its decision to acquire the remaining stake in Peruvian gold mine.
The remaining 5% stake in Yanacocha gold mine in the Cajamarca region of the Northern Highlands of Peru will be acquired from Sumitomo Corporation for a sum of $48 million. The transaction is expected to close in Q2 this year, which will then make Newmont the exclusive owner-operator of the world-class asset regarded as the world’s fourth largest gold mine and the largest in South America.
Earlier in February this year, Newmont had announced purchase of 43.65% stake in the Minera Yanacocha mine from Compañia de Minas Buenaventura for $300 million.
Tom Palmer, President and CEO, Newmont noted that the transaction gives the company full equity ownership of the Yanacocha district, where it plans to position the Sulfides project for profitable production and value generation for several decades to come. The company would continue to be a catalyst for sustainable development in the country. Newmont looks forward to work closely with communities in the Cajamarca region and the Peruvian government, Palmer added.
The acquisition is consistent with the company’s district consolidation strategy, said the company press release.
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