Australian mining company poised to buy northern BC mine

Newcrest to buy BC mine

Australian gold miner Newcrest Mining is poised to increase its stable of operating gold mines in B.C. through a $2.8 billion acquisition of Pretium Resources and its Brucejack mine.

In 2019, Newcrest paid $1.1 billion for a 70% stake in the Red Chris gold mine, built by Imperial Metals.

Pretium’s Brucejack gold mine in northwest B.C.'s Golden Triangle is small, but has high gold grades. And in October, 2021, Pretium announced a new high-grade discovery at its Golden Marmot Zone.

“Initial results from Golden Marmot are exciting and affirm the district-scale potential of the Brucejack property,” Pretium CEO Jacques Perron said in a press release in October.

Pretium has scheduled a special meeting for Thursday to vote on the offer. Two proxy advisory firms, Institutional Shareholder Services and Glass Lewis & Co. LLC, have recommended Pretium’s board of directors and shareholders to vote in favour of Newcrest’s offer.

More Business News

Data from CryptoCompare
Castanet Proud Member of RTNDA Canada
Press Room