To understand why the world’s biggest gold miner Newmont is willing to pay $24.4 billion to, you need to understand what’s going on in the home town of Canadian songstress Shania Twain.
“They run the mine to not reclaim it,” said American mining analyst John Tumazos of the old diggings around Timmins.Newmont’s mature portfolio of assets is not entirely devoid of growth options. The geological switch has proved difficult and Newmont delayed the project for more studies in September. It would be 2034 before the combined group’s production falls back to the 7 million ounces mark that shaped as Newmont’s peak production under a stand-alone scenario.If Canada’s Red Chris, Western Australia’s Havieron, Ecuador’s SolGold and PNG’s Wafi-Golpu were to all proceed to plan, their development would be almost simultaneous, putting a big strain on Newcrest’s cash flows.
$US10 billion would be a lot for Newmont too, but it is better equipped to unlock the likes of Red Chris than Newcrest.
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