Newmont Optimizing Portfolio with Agreement to Sell Midas Operation
“We are pleased to have reached agreement with Klondex for the sale of
Midas and believe they are well positioned to continue safely and
successfully operating the mine,” said
The purchase price comprises approximately
Newmont anticipates closing the transaction, which is subject to customary closing conditions including regulatory and third party approvals, in early 2014.
The Midas underground mine and mill complex is located in north central
Founded in 1921 and publicly traded since 1925, Newmont is a leading
producer of gold and copper. Headquartered in
This release contains “forward-looking statements” within the meaning of applicable securities laws that are intended to be covered by the safe harbors created by those laws, including statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements may include, without limitation, statements regarding the completion of the proposed transaction and other statements that are not historical facts. While such forward-looking statements are expressed by Newmont as stated in this release in good faith and believed by Newmont to have a reasonable basis, they are subject to important risks and uncertainties including, without limitation, gold, silver and other metals price volatility, approval of applicable governmental or regulatory authorities, the receipt of all required third party approvals, the satisfaction or waiver of certain other conditions contemplated by the Agreement, the inability to realize expected synergies or cost savings, estimates of reserves or future production, increases in production costs, including due to parts, equipment, labor or power shortages, variances in ore grade or recovery rate, mining accidents or other adverse events, changes in applicable laws or regulations, community relations, competition from other mining companies, and the other risks disclosed in Newmont’s public filings, any or all of which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. As a result of these risks and uncertainties, the proposed transaction could be modified, restructured or not be completed, and the results or events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. Newmont does not undertake any obligation to release publicly revisions to any forward-looking statement or to comment on expectations of, or statements made by Klondex or third parties in respect of the proposed transaction, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at investors' own risk.