May 17, 2020

Rio Tinto’s $5.3bn Mongolian mine finds its contractors in Jacobs Engineering

Rio Tinto
Oyu Tolgoi
copper and gold mine
jacobs engineer
Dale Benton
1 min
Rio Tinto’s $5.3bn Mongolian mine finds its contractors in Jacobs Engineering
Jacobs EngineeringGroup, based in California, has been announced as the contractors to lead the development of Rio Tintos expansion of Oyu Tolgoi.

The...

Jacobs Engineering Group, based in California, has been announced as the contractors to lead the development of Rio Tinto’s expansion of Oyu Tolgoi.

The company provides industrial maintenance, construction and maintenance management technology.

"Following the final notice to proceed for the underground development last month, this contract is a critical piece as we ramp up towards full construction," Oyu Tolgoi Chief Executive Andrew Woodley said in a statement.

The expansion of the $5.3bn Oyu Tolgoi underground copper and gold mine was announced by Rio Tinto Group’ CEO Jean Sebastian Jacques last month.

Read: Rio Tinto confirms $5.3bn expansion of Mongolian mine

The first stage of Oyu Tolgoi was approved in 2010 and started producing in 2013.

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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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