Make Kitco Your Homepage

Newcrest Closes On Red Chris

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

Copper mine, Red Chris, located in northwestern British Columbia now belongs to Newcrest Mining.

The previously announced $804 million deal closed Friday, the companies announced. Newcrest now owns 70% of the mine, while former-owner Imperial Metals retains the remaining 30%.

"We are pleased to have the Red Chris mine move to this next chapter, and to have completed this transaction with Newcrest," said Imperial Metals' President Brian Kynoch in a news release.

"The sale of a 70% interest in Red Chris to Newcrest will allow Imperial to significantly strengthen its balance sheet, while continuing to hold a 30% interest in a joint venture that will leverage Newcrest’s unique technical expertise in block caving operations. We look forward to working alongside Newcrest with this new venture as well as the resumption of exploration activities at Red Chris. As a result of this transaction, Imperial will be in a much better position to create value and opportunities for its shareholders and stakeholders."

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News