Jul 29, 2020

Rio Tinto discovers new gold in Western Australia

Rio Tinto
winu
Gold
gold mining
Jonathan Campion
1 min
The mining giant Rio Tinto has discovered new gold at its Winu copper-gold mine in Paterson province.
The mining giant Rio Tinto has discovered new gold deposits at its Winu copper-gold mine in Paterson province...

The Winu project is located 130km north of Newcrest’s Telfer mine. Rio Tinto announced in February this year that the company was ramping up development at Winu, with the first production expected in 2023.

Of the new gold discovery, Rio Tinto’s group executive for growth & innovation and HSE, Stephen McIntosh, said: “We’re taking a more agile and innovative approach at Winu, and are working on the studies for a small-scale, start-up operation focused on Winu’s higher-grade core as we take another step towards commercialising this deposit.

“The additional exploration results reported today support our view that there is potential to develop the Paterson region into a large-scale operation over time through both our 100% owned tenements and joint ventures.”

The company’s chief executive for copper and diamonds, Arnaud Soirat, added: “We are very pleased with the progress at Winu as it adds a further option to our strong copper portfolio in a country that is home to many of Rio Tinto’s world class operations.”

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May 17, 2021

Newmont acquires Canada’s GT Gold in $325mn deal

Newmont
GT Gold
Gold
Copper
2 min
Newmont has purchased the remaining 85.1% common shares of Canada’s GT Gold to complete its buy out Gold in a deal worth $325mn

Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.

GT Gold

“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,” commented Newmont President and CEO Tom Palmer.

“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”

Newmont

Newmont

Newmont’s 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. 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.

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.

Gold

With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.

 

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