Newmont Agrees to Sell Its Interests in KCGM to Northern Star for $800 million
Retrieved on:
Monday, December 16, 2019
Newmont (NYSE: NEM, TSX: NGT) (Newmont or the Company) has agreed to sell its 50 percent stake in Kalgoorlie Consolidated Gold Mines (KCGM) to Australias Northern Star Resources Limited (ASX: NST) (Northern Star).
Key Points:
- Newmont (NYSE: NEM, TSX: NGT) (Newmont or the Company) has agreed to sell its 50 percent stake in Kalgoorlie Consolidated Gold Mines (KCGM) to Australias Northern Star Resources Limited (ASX: NST) (Northern Star).
- The $25 million payment will be credited against the purchase price for the power business or returned to Northern Star if the power business is sold to a third party.
- Northern Star is a well-established, Australian-based gold producer with a core competency in exploration, a commitment to community development, responsible environmental stewardship and, most importantly, excellence in safety.
- Newmont expects to provide an update to its previously announced 2020 guidance and longer-term outlook in early 2020.