An Australian mining giant now has a majority stake in a northwest B.C. mine
Under the joint venture partnership, Newcrest mining will have a 70 per cent share in the Red Chris mine while Imperial Metals retains a 30 per cent interest.
The deal will also see Newcrest take on operatorship of the gold and copper mine located south of Iskut.
“We are delighted to have closed the Red Chris transaction and add this operating mine to our existing low cost, long-life portfolio” said Sandeep Biswas, Newcrest’s Managing Director and CEO in a news release. ” We are pleased with the highly constructive and collaborative relationship we are developing with the Tahltan Nation and the Government of British Columbia and look forward to working together as we execute our forward work plan to unlock the significant potential from Red Chris.
The company says it wants to establish a strong presence in the province.
Newcrest is the largest gold producer listed on the Australian Securities Exchange and one of the world’s largest gold mining companies.
