Page 43 - Bullion World Volume 03 Issue 6 June 2023

Bullion World | Volume 3 | Issue 6 | June 2023

Wheaton acquires Wheaton noted that Cangrejos, addition to Wheaton's existing

gold stream from Ecuador’s largest primary gold portfolio of high-quality, low-cost
assets as it should provide accretive,
deposit, is forecast to be a high-
Lumina Gold's margin mine in the lowest half of the long-term growth as well as
Cangrejos project in cost curve with a 26-year mine life, significant exploration potential.
adding that attributable production
Ecuador for $300M is forecast to average over 24,000 "We welcome the opportunity to work

Heaton Precious Metals (TSX: ounces of gold per year for the first with the team at Lumina who have
WPM) (NYSE: WPM) announced ten years of production and over done an outstanding job at working
on Tuesday that its wholly-owned 24,500 ounces of gold per year for to de-risk the project and advancing
subsidiary has entered into a the life of mine. it towards construction. As with
definitive precious metal purchase any transaction Wheaton enters
agreement with Lumina Gold (TSXV: According to a company statement, into, responsible and sustainable
LUM) in respect to its 100% owned Wheaton Precious Metals mining practices are paramount, and
Cangrejos gold-copper project International will pay Lumina total Wheaton looks forward to supporting
located in Ecuador. upfront cash consideration of Lumina both financially as they
$300 million, $48 million of which construct Cangrejos and with their
Wheaton said that under the is available pre-construction, and ongoing comprehensive community
agreement, the company’s the remaining $252 million will be engagement efforts."
subsidiary Wheaton Precious Metals payable in staged equal installments
International will purchase 6.6% of during construction, subject to Wheaton Precious Metals is one
the payable gold from the project various customary conditions being of the largest precious metals
until 700,000 ounces of gold has satisfied. streaming companies in the world.
been delivered, at which point the Wheaton currently has streaming
stream will be reduced to 4.4% of President and CEO Randy agreements for 21 operating mines
the payable gold production for the Smallwood commented, "The and 13 development stage projects.
life of the mine. Cangrejos project is an excellent

IAMGOLD announces Newmont enters a multi-decade gold and copper

$400 million loan into a definitive production profile in the world’s most
favorable mining jurisdictions,” said
IAMGOLD (NYSE: IAG) announced agreement to Tom Palmer, President and CEO
today that it entered into a five-year acquire Newcrest. of Newmont. “Following a robust
second lien secured term loan in a due diligence process, we have
principal amount of $400 million from Newmont (NYSE: NEM) announced identified a number of opportunities
three institutional lenders. today that it entered into a definitive to unlock substantial value and will
agreement to acquire Newcrest. By apply our experience and expertise
The company said that the 2022 production numbers, Newmont to Newcrest’s complementary and
second lien term loan is part of the is the world's number one gold exceptional portfolio of long-life, low-
ongoing initiatives by IAMGOLD to miners. Newcrest is number eight. cost gold, and copper assets.
increase the strength of its balance Newcrest said that shareholders will
sheet during the construction, receive 0.400 Newmont shares for Leveraging our experience from the
commissioning and ramp up of the each Newcrest share and a special acquisition of Goldcorp four years
Côté Gold Project. dividend of up to $1.10 per share ago, we are positioned to deliver
paid by Newcrest, representing a an estimated $500 million in annual
The construction budget and 30.4% premium. synergies and an estimated $2
schedule of Côté Gold remains on billion in incremental cash flow from
track, with the project approximately The transaction still has to be portfolio optimization opportunities,
80% complete as of the end of approved by shareholders. “The both part of our strategy to maximize
March 2023, noted IAMGOLD. combination of Newmont and value for shareholders and other
Newcrest represents an exceptional stakeholders.”
value proposition for shareholders
and other stakeholders. It creates
an industry-leading portfolio with

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