Newcrest has announced the completion of a joint venture transaction with Imperial Metals, which sees the leading gold miner increase its stake in British Columbia’s Red Chris mine to 70%.
Newcrest’s managing director and CEO, Sandeep Biswas, commented: “We are delighted to have closed the Red Chris transaction and add this operating mine to our existing low cost, long-life portfolio. We are pleased with the highly constructive and collaborative relationship we are developing with the Tahltan Nation and the government of British Columbia…
“We look forward to working together as we execute our forward work plan to unlock the significant potential from Red Chris. We are excited to establish a strong presence in British Columbia, a quality mining jurisdiction in a country with roots in mining, much like Australia.”
Red Chris is a copper-gold porphyry mine with an operating open-pit mine and Mineral Resources of 20 million ounces of gold and 13 billion pounds of copper. The acquired property comprises 23,142 hectares of land with 77 mineral tenures, five of which are mining leases, and which sits within the traditional territory of the Tahltan Nation.