Newmont Corporation Signed Binding Agreement to Acquire GT Gold

SEATTLE (Scrap Monster): Newmont Corporation- the world’s largest gold company announced that it has entered into a binding agreement with GT Gold to acquire the remaining 85.1% of common shares of  the latter, not already owned by it. The shares will be purchased for C$3.25 per share in cash, which is 38% premium to the 20-day volume-weighted average price on TSX.

Tom Palmer, President and CEO noted that the company is excited to expand its world-class portfolio to include the Tatogga project in the Tahltan Territory located in the Golden Triangle district of British Columbia, Canada. It is committed to continue building a constructive and respectful relationship with the Tahltan Nation, including with the nearby community of Iskut.

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The Tatogga project primarily comprises Saddle North deposit, with huge potentials for robust gold and copper production. In addition, there exists further exploration opportunities throughout the land package.

The Newmont-GT Gold transaction is expected to close in Q2 this year, subject to customary closing conditions.

According to experts, 2021 is likely to witness a lot of M&A activities in B.C. mining sector, especially in gold.