B.C.’s Golden Triangle will be key for world’s largest gold producer
British Columbia is set to become a key mining destination for Newmont Corp., as the world’s largest gold producer inked an agreement on May 15 to take over Australia’s largest gold company, Newcrest Mining Ltd., for about US$19.5 billion.
The agreement, which is subject to shareholder approval, will increase Newmont’s presence in B.C.’s “Golden Triangle,” the loosely defined region in northwestern B.C. that has been a favourite of prospectors seeking gold and copper since the 19th century. Nearly 150 mines have operated in the region over that time.
Denver-based Newmont was already in the process of developing the Saddle North and Galore Creek copper-gold deposits that are located in the area. After acquiring Newcrest, Newmont will inherit the Red Chris and Brucejack mines that produce gold, silver and copper.
Newmont’s chief executive, Tom Palmer, said on a conference call on May 15 that he expects the transaction to “significantly strengthen Newmont’s position in Canada” by combining the projects in the Golden Triangle. “Newmont will be operating for decades to come,” he said.
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