Newmont: Sumitomo Becomes Partner At Yanacocha
Newmont Mining Corp. (NYSE: NEM) reports that Japan’s Sumitomo Corp. hasobtained a 5% stake to become a partner in Minera Yanacocha SRL. As a result, Newmont andBuenaventura’s ownership interests in Yanacocha will be 51.35% and 43.65%,respectively. Sumitomo paid $48million for the ownership interest. The transaction is structuredas a new share issuance to Sumitomo,with the payment going towards Yanacocha’s cash balances, Newmont says. “We hada long and productive partnership with Sumitomo atBatu Hijau in Indonesia,and we look forward to working with them and Buenaventura to advance the nextgeneration of profitable production at Yanacocha,” says Randy Engel, Newmont’sexecutive vice president for strategic development. In October, Newmont’s boardof directors approved full funding for Quecher Main, which is expected toextend Yanacocha’s oxide mine life to 2027. Quecher Main also will serve as abridge to potential future growth, including development of Yanacocha’s sulfidedeposits, Newmont says. If approved, the sulfides project could extendYanacocha’s operational life through 2039, the company adds.
By Allen Sykoraof Kitco News; asykora@kitco.com
Equinox GoldTo Spin Off Copper Assets
Thursday June 21, 2018 08:05
Equinox GoldCorp. (TSXV: EQX) plans to transfer all of its copper assets into a new companynamed Solaris Copper Inc. Meanwhile, Equinox will focus on advancing theAurizona Gold Mine and the Castle Mountain Gold Mine. Sixty percent of SolarisCopper shares will be distributed to Equinox shareholders, with the remainderto be held by Equinox. Solaris will not initially be listed on a public stockexchange but will operate as a reporting issuer, Equinox says. In addition toadvancing its copper assets, Solaris will evaluate all potential strategicopportunities, including mergers, acquisitions and a potential stock-exchangelisting, Equinox says. “Solaris Copper will control a portfolio of verypromising exploration-stage projects located in world-class copper districts,”says Ross Beaty, chairman of Equinox Gold. “Creating a standalonecopper-focused company should give these projects the visibility and attentionthey deserve.” Solaris Copper will hold a 100% interest in the resource-bearingWarintza copper-molybdenum project in Ecuador, a 60% interest in the La Verdepreliminary-economic-assessment-stage copper-silver-gold project in Mexico, a100% interest in the Ricardo early-stage copper property in Chile, andnegotiated earn-in agreements for two early-stage copper prospects in Peru.Collectively, the projects host 3.7 billion pounds of copper in the measuredand indicated category with an additional 4.6 billion pounds of copper in theinferred category, Equinox says.
By Allen Sykoraof Kitco News; asykora@kitco.com
Eldorado Gold:Lamaque Development Ahead Of Schedule
Thursday June 21, 2018 08:05
Eldorado Gold Corp. (TSX: ELD; NYSE: EGO) says mill refurbishmentand underground mine development are ahead of schedule at the Lamaque projectin Quebec, and production from the refurbished mill remains on track for 2019.Exploration includes over 12,000 meters of resource expansion drilling sincethe end of 2017, with more drilling to occur. "Results from this year'sexploration drilling continue to demonstrate the outstanding resource upsidepotential of the Lamaque project," says Peter Lewis, vice president forexploration. "Our new drilling at Triangle confirms that the shear-hostedvein systems and steeply plunging intrusions that control mineralization in theupper deposit persist to at least 1,800 meters depth, with high grades reportedin several newly identified shear zones and in related secondary shear zonesand extension vein systems. At the Parallel deposit, step-out drillinghas linked the mineralized shear zones with historically mined zones at thenearby Lamaque and Plug 5 deposits.” Lamaque remains on schedule for commercialproduction in early 2019, Eldorado reports. There are more than 250 workers onthe site, with this expected to grow by 20% over the next six months. Theprojected 2,200-tonnes-per-day capacity of the refurbished Sigma process plantprovides excess milling capacity over what would be required for initial productionfrom the Triangle deposit, Eldorado says.
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.