Photo by: Bloomberg
PERTH (miningweekly.com) – Gold miner Northern Star Resources has completed the $95-million acquisition of US gold major Newmont Corporation’s Kalgoorlie power business.
As part of Northern Star’s $800-million purchase of 50% of Kalgoorlie Consolidated Gold Mines (KCGM) and associated assets last year, Northern Star paid $25-million for an option to buy the Newmont power business.
The business includes a 50% interest in the 110 MW Parkeston power station and associated infrastructure which provides electricity to KCGM, and the Kalgoorlie area through its connection to the South-West Interconnected System.
Northern Star said on Thursday that the acquisition provides the company with greater control over power supply to support its Kalgoorlie assets, in particular KCGM, at lower costs and with the ability to implement renewable energy solutions.
“We are pleased to secure this key infrastructure which will enable a simpler pathway to achieving net zero through addition of renewable energy projects,” Northern Star MD Stuart Tonkin said.