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Newcrest Mining to invest $250M in Lundin Gold, Ecuador mine project

Published 02/26/2018, 01:08 PM
© Reuters.  Newcrest Mining to invest $250M in Lundin Gold, Ecuador mine project
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  • Newcrest Mining (OTCPK:NCMGF, OTCPK:NCMGY) agrees to buy a 27.1% interest for in Lundin Gold (OTC:FTMNF), which is building the Fruta del Norte gold mine in Ecuador, for $250M.
  • The investment is part of a $400M equity private placement by Lundin for development of the mine, which is expected to begin production by the end of 2019.
  • Newcrest CEO Sandeep Biswas says the deal aligns with its aspiration to be exposed to five tier-one ore bodies by 2020.
  • Fruta del Norte has probable mineral reserves of 4.82M oz. of gold and 6.34M oz. of silver.
  • Now read: Newcrest Mining (NCMGY) Presents At BMO Capital Markets 27th Annual Global Metals & Mining Conference - Slideshow


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