Newmont buys ‘Golden Triangle’ developer for $311m in cash

Gold major Newmont on Wednesday announced that it would buy the remaining 85.1% of GT Gold, a company advancing the Tatogga property in the Golden Triangle of British Columbia.

Newmont would acquire each GT Gold share at C$3.25 a share for C$393-million ($311-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,” said Newmont president and CEO Tom Palmer.

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% ownership in the Galore Creek project.

Palmer added in a statement that Newmont would continue to build a constructive relationship with the Tahltan Nation, including with the community of Iskut, which is near the project, in anticipation of exploring this highly prospective area.

Tahltan Central Government (TCG) president Chad Norman Day said in a statement distributed by Newmont that Tahltan Nation had an established relationship with the mining company.

Galore Creek Mining’s 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,” said Day.

The transaction is expected to close in the second quarter of 2021, subject to meeting normal closing conditions.