Newmont Mining has agreed to buyout NovaGold for $275 million for the Galore Creek project; Teck Resources will remain the other party in the deal. This is a typical strategy that we expect to see more of as major producers start ramping up resources to produce and meet demand. Throughout the weeks we have been hearing about 'peak gold' and the lack of major discoveries in the mining sector but that is starting to shift. A lot of time, money and expense has been put into Northwest BC,and the Yukon.
“Galore Creek holds the potential to support decades of profitable copper and gold production in a favorable mining jurisdiction, in line with our strategy to create long-term value for our stakeholders,” said Gary Goldberg, President and Chief Executive Officer. “Partnering with Teck allows us to bring both organizations’ considerable technical, financial and sustainability strengths to bear in evaluating and refining development plans for Galore Creek, and to build on the strong relationships Teck has established with the Tahltan First Nation and British Columbia.”