Newmont Mining Corp. announced an agreement to further explore the prospective Esperance gold discovery in French Guiana, owned by Compagnie Miniere Esperance (CME). The agreement entitles Newmont to earn up to a 70 percent interest in the property through multi-year investments.
The early stage discovery, with multi-million ounce potential, was identified by CME on its existing land holdings following completion of active mining at the Esperance operation in 2010. The area contains multiple proximal undrilled targets, Newmont said in a statement.
“We continue to strengthen our long-term growth pipeline in promising exploration districts. Our agreement with CME allows us to build our business in the highly prospective Guiana Shield, where we completed the Merian mine safely, on schedule and 20 percent below budget just over a year ago,” said Gary Goldberg, Newmont president and chief executive officer.
In 2017, Newmont increased its exploration and advanced projects investments by approximately 25 percent, with about two-thirds of that amount going to fund more brownfields and greenfields exploration.