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New Gold to off-load Peak gold mine in New South Wales

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New Gold to off-load Peak gold mine in New South Wales

New Gold Inc. has formally informed the staff at the Peak gold mine in New South Wales, Australia, about its plan to off-load the asset, The Australian reported Aug. 9.

Macquarie Group has been mandated to lead the sale of the project.

The mine, which produced 107,000 ounces of gold and 15 million pounds of copper last year, is likely to generate interest from smaller miners, such as St Barbara Ltd., Saracen Mineral Holdings Ltd., OZ Minerals Ltd. or Sandfire Resources NL.

The Peak mine sale can fetch New Gold about US$100 million.

Meanwhile, St Barbara Managing Director Robert Vassie at the Diggers & Dealers Mining Forum in Kalgoorlie, Australia, flagged a possibility of an acquisition or a strategic merger with a similarly sized miner, The Australian wrote in a separate same-day report.