Newmont to pay $311M to fully acquire GT Gold

Newmont Corp. entered into a binding agreement to acquire the remaining 85.1% of GT Gold Corp. shares that it does not already own for about US$311 million, or C$3.25 per share. Closing is expected in the second quarter.

GT Gold owns the Tatogga gold project in British Columbia's Golden Triangle district. In late 2019, Newmont increased its GT Gold stake to 14.9% from 9.9% for C$8.3 million.

Newmont said March 10 that it is committed to continuing to build a relationship with the Tahltan Nation, including the Iskut community, ahead of the company's planned exploration in the area.

"We understand and acknowledge that Tahltan consent is necessary for advancing the Tatogga project and we will partner with the Tahltan Nation at all levels, and with the government of British Columbia to ensure a shared path forward," Newmont President and CEO Tom Palmer said.

Newmont's Galore Creek copper-gold joint venture with Teck Resources Ltd. is also in Tahltan territory.