https://www.miningweekly.com

Newmont sells royalty, streaming portfolio; takes 28% stake in Maverix Metals

30th May 2018

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

VANCOUVER (miningweekly.com) – Gold major NYSE-listed Newmont Mining has agreed to sell its royalty and streaming portfolio to junior TSX-V-listed Maverix Metals in a cash-and-scrip deal that will see Newmont take a 28% stake in the aspirant royalty and streaming firm.

Under the terms of the deal, Newmont will receive 60-million Maverix common shares, and $17-million in cash, as well as warrants for a further ten-million Maverix common shares.

Newmont’s royalty portfolio includes 54 precious metals and industrial minerals royalties, including royalties at TMAC Resources’ Hope Bay mine, in Canada, and Premier Gold’s McCoy Cove project, in Nevada.

“Our strategic partnership and equity interest in Maverix generates value for both companies’ shareholders. Maverix’s management team has a strong record of managing and growing high-quality royalty and streaming assets in favourable mining districts on four continents,” Newmont executive VP for strategic development Randy Engel stated.

Newmont will be allowed to nominate one director on Maverix’s board and it will have pre-emptive rights to participate in future financings to maintain the company’s ownership stake.

Newmont’s strategic partnership will provide ongoing exposure to Maverix’s growing portfolio, which currently includes 27 high-quality royalties and streams, ten of which are on producing mines.

Closing of the transaction is expected to occur in the second quarter of this year.

Maverix's equity rose by up to 18% on Tuesday to an intra-day high of C$1.71 a share, with that of Newmont closing the day 1.29% lower at $38.93 a share.

Edited by Creamer Media Reporter

Comments

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On The Air (19/07/2024)
19th July 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.174 0.211s - 126pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: