Tuesday, 21st March 2006 (2460 views)

Newmont Mining has received approval from the Australian government for the takeover of Newcrest Mining's stake in the Boddington Project in Western Australia.

The transaction has now been officially closed and the acquisition of the 22 per cent stake gives Newmont a two-thirds interest in the Boddington Project. Consideration for the acquisition was A$225 million.

At the end of last year, Newmont announced equity gold proven and probably reserves of 5.16 million ounces at Boddington, which has an estimated mine life of over 15 years.

For the first five years of operation, Newmont's share of production is likely to be around 700,000 ounces, coming down to 600,000 for the remainder of the mine's lifespan.

Gold production is to go ahead with partner AngloGold Ashanti and will probably commence in late 2008.

Newmont Mining is a leading gold producer with operations on five continents and in the world's best gold districts. It employs almost 30,000 people worldwide.

 

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