Newcrest’s move into Canada comes amid a bout of consolidation in the gold industry
Newcrest Mining Ltd., the third-biggest gold producer by market value, agreed a US$806.5 million deal to control an Imperial Metals Corp. mine in Canada, extending the spree of deal-making in the sector.
Australia’s top gold producer remains in a strong position to complete further deals and will continue to review opportunities, chief executive Sandeep Biswas said in a phone interview. Newcrest shares rose as much as 2.7 per cent to A$25.17 in Sydney and traded at A$25.15 as of 10:11 a.m. They’ve gained 15 per cent this year.
Red Chris has estimated resources of 20 million ounces of gold and 13 billion pounds of copper, according to Newcrest. The producer has previously set a deadline for the end of 2020 to increase its exposure from four to five so-called tier-one assets — the industry’s highest quality mines. In the past year, Newcrest has also held conversations about transactions with Barrick, Goldcorp and Nevsun Resources Ltd. before those miners opted for other deals, people familiar with the matter said last month.
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