Newcrest Mining, Australia’s largest gold producer, will soon become the biggest gold producer in the Canadian province of British Columbia once its $3.5 billion (US$2.8 billion) acquisition of Pretium Resources is completed over the next three or four months.
The Aussie gold major already held a 4.85% stake in the Canadian miner before announcing the deal this week, and it’s the second time Newcrest has planted its corporate flag in Canadian soil. In 2019 the company acquired a 70% stake in the Red Chris mine from Imperial Metals for US$806 million.
Red Chris, in northwestern B.C.’s Golden Triangle, is about 140 km from Pretium Resources’ Brucejack mine, which since it began commercial production in mid-2017 has become one of the highest grade operating gold mines in the world.
“As one of the world’s largest gold companies, Newcrest’s presence in the region will ensure that Canada continues to have a meaningful and growing role in global gold production,” Sandeep Biswas, Newcrest’s managing director and CEO, said on a conference call.
For the rest of this editorial: https://www.northernminer.com/editorial/australias-crush-on-canada/1003836257/