GOLD DEVELOPMENT: Newmont completes Boddington acquisition

AUSTRALIA - Newmont Mining Corp. of Denver has acquired the remaining one-third interest in the Boddington gold pro...

AUSTRALIANewmont Mining Corp. of Denver has acquired the remaining one-third interest in the Boddington gold project from AngloGold Ashanti. The deal requires US$750 million in cash at closing, US$240 million payable in cash and/or common shares at the end of this year, and a royalty capped at US$100 million. The company now owns 100% of what will be the largest gold mine in Australia.

 

The Boddington project is located 130 km southwest of Perth, Western Australia, carries a development price tag of between $2.6 billion and US$2.9 billion. Start-up of the expanded open pit and new processing plant is slated for the middle of 2009 with a one-year ramp-up to full production. During the first full five years of production, annual output will be 1.0 million oz. Over the 20-plus expected project life, annual output will average 850,000 oz of gold and 200,000 tonnes of copper concentrate.

 

The Boddington deposit has proven and possible reserves of 529 million tonnes grading 0.79 g/t Au and 0.11% Cu.

 

Additional information can be found at www.BGM.com.au and in the Newmont 2008 annual report posted at www.Newmont.com.

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