KCGM remains core asset for Newmont in favorable jurisdiction
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) said it looks forward to a long and productive partnership with Saracen Mineral Holdings Ltd. (Saracen) at Kalgoorlie Consolidated Gold Mines (KCGM) in Australia. Earlier today, Saracen announced an agreement to purchase Barrick Gold Corporation’s 50 percent stake in KCGM. Newmont Goldcorp will remain the operator of KCGM and continue to manage the mine according to its leading policies and standards.
“We congratulate Saracen on its agreement to purchase Barrick’s stake in KCGM and we look forward to partnering with them to continue delivering value at this world-class asset, safely and efficiently,” said Tom Palmer, President and Chief Executive Officer. “KCGM and the Golden Mile offer ongoing growth and value generating opportunities in Australia, which remains a core operating region for Newmont.”
Located in Kalgoorlie-Boulder in Western Australia, KCGM directly employs approximately 1,250 people and produced 636,000 ounces of gold in 2018. Operations began at KCGM in 1989 and the mine has produced 21 million ounces of gold over the last three decades.
About Newmont Goldcorp
Newmont Goldcorp is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont Goldcorp is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont Goldcorp was founded in 1921 and has been publicly traded since 1925.