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Report: Northern Star set to buy Newmont's 50% stake in Super Pit gold mine

Australia's Northern Star Resources Ltd. is looking to buy U.S. giant Newmont Goldcorp Corp.'s 50% stake in the Kalgoorlie Super Pit gold mine in Western Australia, The Australian Financial Review's Street Talk reported Dec. 16, citing unnamed sources.

Northern Star is expected to soon launch a A$700 million capital raising to fund the acquisition. Macquarie Capital and Canaccord Genuity are refining details about pricing and structure, with an announcement expected Dec. 17, the report said.

Sources said Northern Star's purchase price may be slightly higher than the US$750 million that Saracen Mineral Holdings Ltd. paid to Barrick Gold Corp. in late November for the other half of the mine as Northern Star will inherit Newmont's status as mine operator.

Northern Star is reportedly expected to follow Saracen's strategy in which it bought Barrick's Australian units that owned the stake rather than acquiring 50% of the company that directly owned the mine.

That tactic stopped Newmont from executing its preemptive rights to match bids for Barrick's stake in the mine, the report said.

In a Dec. 16 ASX release, Northern Star said it was placed in a trading halt pending the release of an announcement.