May 17, 2020

Sources: Anglo American to Sell Coal Assets in Australia

Operations
Coal
Anglo American
Australia
Admin
2 min
Sources: Anglo American to Sell Coal Assets in Australia
To sell or not to sell, thats the mounting question for Anglo American. The miner is reportedly set to sell its stake in two coal mines in Australia, so...

To sell or not to sell, that’s the mounting question for Anglo American. The miner is reportedly set to sell its stake in two coal mines in Australia, sources with knowledge of the matter said.

Anglo American has a total of six coal mines in Australia. The two mines being mulled are the Dawson and Foxleigh operations, both of which are situated in the country’s north-eastern Queensland state. The company has a 70 percent stake in Foxleigh, which produces roughly 2.5 million tons a year.

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Jacqui Strambi, a spokeswoman for Anglo American in Brisbane, declined to comment on the sale of the Dawson and Foxleigh mines, but said the company is reviewing its coal assets.

“There is a review of the Australian coal assets but the outcome is yet to be determined,” Strambi told Bloomberg.

The move to sell is part of a company-wide coal shakeup which will also see the review of South African operations. Anglo American previously announced it would further reduce capital expenditure by $500-$800 million in 2014 and by up to $1 billion in 2015.

Last month, Anglo American sold its Callide and Dartbrook mines as part of its strategy to only invest in assets that can produce quality coal with low costs. The potential coal asset sale mirrors the decline in global coal prices, which are putting many mines into a loss-making position.

Anglo is also said to be preparing to divest five mines in Queensland and New South Wales as part of the $3 billion to $4 billion asset sale program.  

Last month, the miner resubmitted a revised development proposal for the Drayton South thermal coal mine in Australia. 

WATCH: [VIDEO] Minas-Rio Update: Anglo American Delivers First Iron Ore Shipment

 

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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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