Reports surfaced on Sept. 13 suggesting that Newmont Goldcorp's Red Lake Gold Mines operation is being sold. There was a brief mention of the possibility of the sale in a news release.
In addition to that, there was more information contained in a company presentation that will be made by Tom Palmer, the company's incoming president and chief executive officer. Palmer's formal presentation has been placed on the company website, where it is mentioned that Newmont Goldcorp is indeed reviewing the “potential” sale of the Red Lake operation.
A footnote on Page 8 of the presentation said the following:
“Process underway to review potential sale opportunities for Red Lake. Red Lake sales process is preliminary in nature; outcome remains subject to uncertainty; no sales terms have been agreed to at this point in time, and any such sale would remain subject to regulatory approval and other conditions. Divested interest in Nimba.”
Red Lake Gold Mines includes the Red Lake and Campbell underground mining and processing complexes, and Cochenour, a potential new source of ore. The Red Lake operation has been one of the most lucrative gold mining operations in Northern Ontario history. Since 1949, gold operations in Red Lake have produced more than 29 million ounces of gold, said the Newmont Goldcorp website.
Ore from Red Lake Gold Mines is hoisted up either the Balmer or Campbell shafts, then processed at the Campbell mill using a conventional crushing and grinding circuit combined with a gravity concentration for free-milling gold or carbon-in-pulp for refractory gold. Gold recoveries average 94%, said the website.
This story originally appeared on the SudburyMiningSolutions.com.
