Newmont completes GT Gold acquisition, expands holding in Golden Triangle
(Kitco News) - Newmont (NYSE:NEM, TSX:NGT) announced Monday the completion of the acquisition of GT Gold (TSX-V:GTT) through which Newmont acquired the remaining 85.1% of common shares of GT Gold not already owned by the company.
The company said that acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package, Newmont added.
According to the company's statement, 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.
"With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio," said president and CEO Tom Palmer.
Newmont is the world's leading gold company and a producer of copper, silver, zinc and lead. The company's portfolio of assets 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. Newmont was founded in 1921 and has been publicly traded since 1925.