DENVER--(BUSINESS WIRE)--Newmont Mining Corporation (NYSE: NEM) (“Newmont” or “the Company”) today announced it completed the sale of its Jundee underground gold mine in Australia to Northern Star Resources Limited (“Northern Star”), for total proceeds of approximately US$91 million.
“We are pleased to have completed the sale of Jundee as part of our ongoing effort to increase shareholder value by focusing on lower cost, longer life operations,” said Randy Engel, Newmont’s Executive Vice President for Strategic Development. “With the closing of this sale, Newmont has generated approximately US$800 million in proceeds over the last 12 months from the divestment of non-core assets.”
The Jundee gold mine is located 520 kilometers north of Kalgoorlie in Western Australia. Production began in 1995 from a complex of open pit mines that have now ceased operation. Underground mining began in 1997 and continues today. All existing fixed plant and onsite equipment owned by Newmont was transferred to Northern Star and the majority of Jundee’s non-contract staff were offered continuing employment. Jundee produced 279,000 ounces of gold in 2013.
Founded in 1921 and publicly traded since 1925, Newmont is a leading producer of gold and copper. Headquartered in Colorado, the Company has approximately 30,000 employees and contractors, with the majority working at managed operations in the United States, Australia, New Zealand, Peru, Indonesia and Ghana. Newmont is the only gold company listed in the S&P 500 index and in 2007 became the first gold company selected to be part of the Dow Jones Sustainability World Index. Newmont is an industry leader in value creation, supported by its leading technical, environmental, and health and safety performance.
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. Such forward-looking statements may include, without limitation, statements regarding the future results of effort to increase shareholder value and lower costs and other statements that are not historical facts. Forward-looking statements are subject to certain risks, uncertainties and assumptions. 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 Northern Star or third parties, 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.