Newmont Goldcorp is confirming the potential sale of its gold mine operation in Red Lake.
A company official tells CKDR News “Our portfolio optimization work is well underway, as we have started a process for the potential sale of Red Lake and recently divested our position in the Nimba iron ore project in Guinea.”
The report first surfaced at the Denver Gold Forum on Tuesday with a presentation from incoming President and Chief Executive Officer Tom Palmer.
On Page 8 of the presentation it states: “Process underway to review potential sale opportunities for Red Lake. Red Lake sales process is preliminary in nature; outcome remains subject to uncertainty; no sales terms have been agreed to at this point in time, and any such sale would remain subject to regulatory approval and other conditions. Divested interest in Nimba.”
Since 1949, operations in Red Lake have produced more than 29-million ounces of gold.
Gold recoveries average 94%.
To view the full report visit https://s2.q4cdn.com/575378270/files/doc_presentations/2019/09/13/2019-Denver-Gold-Forum_NEM-(1).pdf?utm_source=northern ontario business&utm_campaign=northern ontario business&utm_medium=referral
