US gold major Newmont Mining on Tuesday announced it had inked a letter of intent to sell its Midas operation, in Nevada, to Waterton Global Resource Management.
Newmont said the move to explore the sale of the operation was consistent with its strategy of strengthen its portfolio by divesting noncore assets.
“Waterton has established a presence in Nevada and is well positioned to enable Midas’s success over the long term by using its processing, and other assets, to support Waterton’s operations in Nevada,” Newmont VP for strategic development Randy Engelsaid.
"We are very excited to be working with Newmont to develop the full potential of both the Midas and Hollister operations. The completion of our acquisition of the Midas operation will add another high-quality gold mining operation to our portfolio of North American operations,” Waterton managing partner and chief investment officer Isser Elishis added.
"We are very excited to be working with Newmont to develop the full potential of both the Midas and Hollister operations. The completion of our acquisition of the Midas operation will add another high-quality gold mining operation to our portfolio of North American operations,” Waterton managing partner and chief investment officer Isser Elishis added.
The parties had agreed that the letter of intent would terminate on October 14, unless extended by mutual agreement, or earlier superseded by the acquisition agreement.
The proposed transaction is subject to customary closing conditions, including execution and delivery of an acquisition agreement, completion of confirmatory due diligence and receipt of all required regulatory and third party approvals.
Newmont, which had been pouring gold in Nevada for 50 years, has 14 openpit and four underground mines and 14 processing facilities in the state.
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