Newmont and Agnico Eagle Form Exploration Joint Venture in Colombia
Newmont Corporation (NYSE: NEM) has established a 50-50 Exploration Joint Venture with Agnico Eagle Mines Limited to advance gold exploration in Colombia's Anzá project, covering around 200 km2. The project is strategically located near significant mining operations, approximately 50 km from Medellin. Agnico will initially fund the venture until Newmont's prior investment of $2.9 million is matched, after which funding will be shared equally. This partnership reflects both companies' commitment to responsible mining practices.
- Formation of a 50-50 Exploration Joint Venture with Agnico Eagle, expanding exploration opportunities.
- Anzá project covers approximately 200 km2, indicating significant growth potential in a promising area.
- Initial funding by Agnico Eagle until Newmont's prior investment is matched shows a collaborative financial strategy.
- None.
DENVER--(BUSINESS WIRE)--Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) announced today that it has formed an Exploration Joint Venture in Colombia with Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (Agnico Eagle). The 50-50 Joint Venture, which will be operated by Agnico Eagle, will explore the Anzá project and advance other prospective gold targets of district-scale potential in Colombia.
The Anzá project is a gold exploration project, comprising exploration contracts and applications totaling approximately 200 km2 located in the Mid-Cauca belt in Colombia. The project is 50 km west of Medellin and 60 km south from Zijin Mining’s Buriticá operation. More information on the Anza project and Newmont’s Exploration Agreement with Orosur Mining Inc. can be found here.
“We are excited to partner with Agnico Eagle to further advance exploration opportunities in this highly prospective region in Colombia,” said Tom Palmer, President and Chief Executive Officer. “Our companies share similar views of safe and responsible mining practices with proven expertise in Greenfields exploration areas.”
Agnico will sole fund the Joint Venture until expenditures equal Newmont’s previous investment in the Anza project (approximately
About Newmont
Newmont 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 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 expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
Cautionary Statement Regarding Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements may include, without limitation, expectations regarding the future exploration, advancement of exploration opportunities, prospects in Colombia, future performance of the joint-venture, future capital needs and funding of the joint-venture and future results. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting and development being consistent with current expectations and mine plans, (iii) political developments in Colombia being consistent with its current expectations; (iv) certain exchange rate assumptions being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies being approximately consistent with current levels; and other planning assumptions. Uncertainties relating to the impacts of COVID-19, include, without limitation, general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry, the ability to engage in exploration and related activities following changing governmental restrictions on travel and operations (including, without limitation, the duration of restrictions, including access to sites, ability to receive supplies and fuel, impacts to staffing in connection with decisions intended to protect the health and safety of the workforce, their families and neighboring communities), and the impact of additional waves of the pandemic or increases of incidents of COVID-19 in Colombia. For a more detailed discussion of risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission (the “SEC”), under the heading “Risk Factors”, as well as the COVID-19 related “Risk Factor” in the Quarterly Report on Form 10-Q for the year ended March 31, 2020, filed with the SEC on or about May 5, 2020 available on the SEC website or www.newmont.com. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement” to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk.
