Last Updated :
26 June 2009 at 20:00 IST
NEM's 33.33% stake-buy in Boddington gold mine
Commodity Online Newmont Mining Corp. (NYSE:NEM) has announced that it has finished the acquisition of the remaining 33.33% interest in the Boddington project from AngloGold Ashanti Australia Ltd. a wholly-owned subsidiary of AngloGold Ashanti Ltd. (JNB:ANG).
Newmont Mining Corp. is primarily a
Gold producer with significant assets or operations in the United States, Australia, Peru and Indonesia. AngloGold Ashanti Ltd. is a global producer of gold.
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Newmont currently owns 100% of the Boddington project the largest
Gold project in Australia. The total consideration for 33.33% interest consists of $750 million paid in cash to ANG while $240 million payable in cash &/or NEM common stock at it’s option in December 2009.
A royalty capped at $100 million equal to 50% of the average realized operating margin exceeding $600/ ounce payable on 1/3rd of gold sales from Boddington. The transaction closing cost amounts to $60 million mainly associated with stamp duties to be expensed in the Q2 2009.
NEM gained 2.52% at New York Stock Exchange on Thursday and closed at 43.08. It touched a 52-week high of 53.77 and low of 21.17.
MCX ALMOND 29 February 2012
contract was trading at
Rs 371.25 . What's your view on it?
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