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Newcrest Mining : Agrees to US$81 Million Sale of Bonikro Mine

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12/12/2017 | 04:56pm EDT
   By David Winning 
 

SYDNEY--Newcrest Mining Ltd. (NCM.AU) scaled back its global footprint with a US$81 million sale of its Bonikro gold mine in Ivory Coast following a strategic review.

Newcrest has agreed to sell the mine to a consortium of F&M Gold Resources Ltd. and Africa Finance Corp. for US$72 million in cash payable on completion of the deal and a net smelter royalty worth US$9 million.

The royalty applies to the first 560,000 troy ounces of gold output from the so-called "next pushback of the Bonikro pit" after completion, at a rate of 2.5% for gold prices above US$1,251 per ounce. Newcrest said the royalty lifts by 0.5% for every US$50 increase in the gold price up to a ceiling of 4.5% at US$1,450 per ounce.

Newcrest said it would update its guidance for the 2018 fiscal year once the deal completes, likely to be in the March quarter. It expects to recognise a small net profit on the sale.

-Write to David Winning at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
NEWCREST MINING LIMITED -0.60% 19.99 End-of-day quote.-12.40%
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