Newmont to acquire GT Gold company for $311 million
Newmont Corporation announced that it will acquire GT Gold for US$311 million. The acquisition includes the remaining 85.1 percent of common shares not already owned by Newmont.
GT Gold’s primary asset is the Tatogga project, a 47,500 ha (117,400 acre) property in norther British Columbia, west of the village of Iskut.
“We are excited to expand our world-class portfolio to include the Tatogga project in the Tahltan Territory located in the highly sought-after Golden Triangle district of British Columbia, Canada,” Newmont President and chief executive officer Tom Palmer said in a statement. “Newmont recognizes that our relationships with Indigenous, First Nations and host communities are critical to the way we operate. We are committed to continue building a constructive and respectful relationship with the Tahltan Nation, including with the community of Iskut, which is near the project, in anticipation of exploring this highly-prospective area. We understand and acknowledge that Tahltan consent is necessary for advancing the Tatogga project and we will partner with the Tahltan Nation at all levels, and with the government of British Columbia to ensure a shared path forward.”
“The Tahltan Central Government recognizes Newmont’s purchase of GT Gold and the Tatogga project. Newmont is a major international mining company who already has an established relationship with the Tahltan Nation as Newmont owns 50 percent of the Galore Creek Mining Corporation, whose project is in Tahltan Territory. TCG understands the sensitivities of all mining projects and has communicated with Newmont that Tahltan consent is a requirement for the advancement of any project in Tahltan Territory,” said Tahltan Central Government (TCG) President Chad Norman Day. “The TCG looks forward to working with Newmont in a respectful, meaningful and mutually beneficial way.”
The Tatogga project, including the primary Saddle North deposit, has the potential to contribute significant gold and copper annual production at attractive all-in sustaining costs over a long mine life. In addition to the known deposits at Saddle North, there are further exploration opportunities throughout the land package. The acquisition of the Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50 percent ownership in the Galore Creek project.
The transaction is expected to close in the second quarter of 2021, subject to meeting normal closing conditions.
To date, GT Gold has made two significant discoveries on the Tatogga property, “Saddle South”, a precious metal rich vein system and “Saddle North,” a gold-rich copper porphyry system.
The Tahltan Central Government (TCG) is the administrative governing body of the Tahltan Nation. The Iskut Band and the Tahltan Band continue to govern Tahltan interests with respect to the Indian Act in the communities of Iskut, Dease Lake and Telegraph Creek. The TCG is the representative government of the Tahltan Nation with respect to the inherent and collective Aboriginal title and rights shared by all Tahltan people.
The Tahltan Nation’s Territory spans 95,933 square km of Northwest British Columbia or the equivalent of 11 percent of the province. Tahltan Territory includes 70 percent of BC’s Golden Triangle – a world-class mining jurisdiction with a thriving mineral exploration sector. For more information.