Fresnillo To Take Control of Mexican Joint Gold Venture
September 12, 2014 7:52 am
Today miner Fresnillo (FRES.L) announced planned proposals to buy out partner Newmont and take full control of their Mexican join venture in the Herradura Corridor at a cost of $450Million.
Fresnillo currently owns a 56% stake in the projects with Newmont owning the other 44%. Any deal would mean Fresnillo take full ownership of the Herradura, Noche Buena and Soledad Dipolos mines, the Mega Centauro and Centauro Deep advanced exploration project and other exploration resources in the area.
Fresnillo is looking to increase their Gold production for the 2018 year to 750,000 ounces, up from 500,000 ounces of current projections.
Chief executive Octavio Alvidrez said “Acquiring full control of the Penmont assets would enable us to both maximize the value of current producing mines which we have extensive experience in operating, and unlock further long-term value from Herradura as a highly prospective region where we have a strong track record of exploration success.”
Today miner Fresnillo (FRES.L) announced planned proposals to buy out partner Newmont and take full control of their Mexican join venture in the Herradura Corridor at a cost of $450Million.
Fresnillo currently owns a 56% stake in the projects with Newmont owning the other 44%. Any deal would mean Fresnillo take full ownership of the Herradura, Noche Buena and Soledad Dipolos mines, the Mega Centauro and Centauro Deep advanced exploration project and other exploration resources in the area.
Fresnillo is looking to increase their Gold production for the 2018 year to 750,000 ounces, up from 500,000 ounces of current projections.
Chief executive Octavio Alvidrez said “Acquiring full control of the Penmont assets would enable us to both maximize the value of current producing mines which we have extensive experience in operating, and unlock further long-term value from Herradura as a highly prospective region where we have a strong track record of exploration success.”
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