Newmont Mining eyes more gold or copper mine purchases

By IVCPOST Staff Reporter

Sep 25, 2013 05:23 AM EDT

Newmont Mining Corp Chief Executive Officer Gary Goldberg told Bloomberg that his company was eyeing potential acquisitions for gold or copper mines. He said Newmont would be targeting mines that aren't expensive and have longer shelf lives.

Newmont, Centerra Gold Inc and B2Gold are among the mining companies looking to secure deals as the value of gold fell in April. Miners who wanted to secure funding were ready to divest their assets, making it the ideal time for purchases.

"Now is the time when the markets are down to be looking at potential for acquisition of assets. We're still looking at things," Goldberg said. He added, however, that there were no pending transactions.

Goldberg also said Newmont could also work with other companies in developing ore processing plants in Peru where the operations of its Minas Conga mine had already stalled. Meanwhile, Newmont was also considering the possibility of a joint venture with Barrick Gold in Nevada where they have neighboring mines.

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