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OceanaGold Signs Non-binding LOI to Acquire Newmont’s Waihi Mine
OceanaGold Corp. (TSX:OGC,ASX:OGC) announced that it’s signed a non-binding letter of intent (LOI) to acquire Newmont Mining Corp.’s (NYSE:NEM) Waihi gold mine in New Zealand.
OceanaGold Corp. (TSX:OGC,ASX:OGC) announced that it’s signed a non-binding letter of intent (LOI) to acquire Newmont Mining Corp.’s (NYSE:NEM) Waihi gold mine in New Zealand. OceanaGold will pay US$101 in cash as well as customary adjustments.
As quoted in the press release:
Newmont will also retain a 1% Net Smelter Royalty for gold ounces mined from one specific exploration tenement capped at 300,000 ounces of production. The proposed transaction is subject to completion of comprehensive due diligence, execution of a definitive acquisition agreement, Board and regulatory approvals and other customary closing conditions.
Transaction highlights include:
- High-grade and low-cost operation expected to contribute meaningful gold production
- Substantial free cash flow generation anticipated to result in a rapid payback on investment
- Significant opportunities to extend mine life through exploration and development, as demonstrated by the performance over 27 years operating in this highly prospective goldfield
- Synergies with OceanaGold’s existing operations and extensive experience in New Zealand
- Highly prospective regional exploration potential
- Accretive to near-term earnings per share and cash flow per share
Mick Wilkes, managing director and CEO of OceanaGold, commented:
We have long believed that Waihi represents a strong strategic fit within OceanaGold. We are excited about the prospect of acquiring it and welcoming its experienced workforce to our team. Waihi represents a unique opportunity for us to acquire a highquality asset that has demonstrated the propensity to extend mine life for more than two decades in what is still a very prospective, high-quality goldfield. This proposed acquisition is accretive to shareholders, grows our production profile and importantly will further reduce our industry leading All-In Sustaining Cost (AISC) profile.
Click here to read the full OceanaGold Corp. (TSX:OGC,ASX:OGC) press release.
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