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Newmont stake in WA gold mine sold to Northern Star Resources
Newmont Goldcorp has divested its remaining 50 per cent interest in a Western Australian gold mine with assistance from KWM.
Naomi Neilson
Firm: King & Wood Mallesons (Newmont)
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Deal: King & Wood Mallesons (KWM) has acted for Newmont Goldcorp in the divestment of 50 per cent of its interest in the “Super Pit” gold mining operations.
Value: US$800 million.
Area: Mining and resources.
Key players: The KWM team was led by partners Scott Langford and Will Heath, with support from a team headed by special counsel Michael Robertson. Also assisting were partner Tim Edwards, senior associate Tian Xu and solicitors Lachlan Fahey, Lucius Moser, Luci Kjar-Cruttenden and Jordan Osrin.
Deal significance: Newmont’s 50 per cent stake in the operations will be acquired by Northern Star Resources Limited. Funds for the acquisition will be raised by Northern Star through debt and a significant underwritten enquiry in excess of $800 million.
The other 50 per cent interest was last month acquired by Saracen Mineral Holdings Limited from Canadian gold major, Barrick, for a purchase price of US$750 million.
Commenting on the transaction, Mr Langford and Mr Heath said: “Newmont Goldcorp is a valued and longstanding client of the firm and we are really pleased to be able to assist in this very significant transaction involving an iconic Australian mining operation.”
