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https://www.newmont.com/investors/news-release/news-details/2020/Newmont-and-Agnico-Eagle-Form-Exploration-Joint-Venture-in-Colombia/default.aspx
DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) announced today that it has formed an Exploration Joint Venture in Colombia with Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (Agnico Eagle). The 50-50 Joint Venture, which will be operated by Agnico Eagle, will explore the Anzá project and advance other prospective gold targets of district-scale potential in Colombia.
The Anzá project is a gold exploration project, comprising exploration contracts and applications totaling approximately 200 km2 located in the Mid-Cauca belt in Colombia. The project is 50 km west of Medellin and 60 km south from Zijin Mining’s Buriticá operation. More information on the Anza project and Newmont’s Exploration Agreement with Orosur Mining Inc. can be found here.
“We are excited to partner with Agnico Eagle to further advance exploration opportunities in this highly prospective region in Colombia,” said Tom Palmer, President and Chief Executive Officer. “Our companies share similar views of safe and responsible mining practices with proven expertise in Greenfields exploration areas.”
Agnico will sole fund the Joint Venture until expenditures equal Newmont’s previous investment in the Anza project (approximately $2.9 million). Thereafter the parties will continue funding on a 50-50 basis.
Agnico Eagle Announces Exploration Joint Venture in Colombia with Newmont Corporation
September 29, 2020
Download this Press ReleasePDF Format (opens in new window)
TORONTO, Sept. 29, 2020 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) ("Agnico Eagle") announced today that it has formed an Exploration Joint Venture (the "Joint Venture") in Colombia with Newmont Corporation (NYSE: NEM, TSX: NGT) ("Newmont"). The 50-50 Joint Venture, which will be operated by Agnico Eagle, will explore the Anza project and seek other prospective gold targets of district-scale potential in Colombia.
"The Anza project is well located within the Mid-Cauca belt in Colombia which hosts several world class gold deposits. Historical work on the project indicates the potential for various styles of mineralization, including porphyry, epithermal and VMS", said Guy Gosselin, Agnico Eagle's Senior Vice-President, Exploration. "Agnico Eagle has been actively looking at Colombia for some time, and this low-cost entry is consistent with our exploration strategy and existing investment in Royal Road Minerals. We look forward to working with our Joint Venture partner Newmont to advance the Anza project", added Mr. Gosselin.
The Anza project is a gold exploration project, comprising exploration contracts and applications totaling approximately 200 km2 located in the Mid-Cauca belt in Colombia. The project is 50 km west of Medellin and 60 km south from Zijin Mining's Buritica operation. More information on the Anza project and Newmont's previously announced Exploration Agreement with Orosur Mining Inc. ("Orosur") with respect to the Anza project can be found in Orosur's news release dated September 10, 2018.
Agnico Eagle will sole fund the Joint Venture until expenditures equal Newmont's previous investment in the Anza project (approximately $2.9 million), which is expected to be achieved in the next 12 months. Thereafter the parties will continue funding on a 50-50 basis.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since 1957. Its operating mines are located in Canada, Finland and Mexico, with exploration and development activities in each of these countries as well as in the United States and Sweden. Agnico Eagle and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.
Confirmation drilling will start soon:
“Agnico Eagle will sole fund the Joint Venture until expenditures equal Newmont's previous investment in the Anza project (approximately $2.9 million), which is expected to be achieved in the next 12 months. Thereafter the parties will continue funding on a 50-50 basis.“
Newmont partnering with AEM makes sense. They’re already working there.
Excellent information. Thank you Investor81.
NM/ AEM will drill Anza in near future.
And imo Sp will cross 15p in near future.
Lol.
Glad I did my top up yesterday and looking forward to execute many more...
4th quarter, as we know, will be a game changer here.
Gla.
Agnico Eagle's Senior Vice-President, Exploration. "Agnico Eagle has been actively looking at Colombia for some time, and this low-cost entry is consistent with our exploration strategy and existing investment in Royal Road Minerals. We look forward to working with our Joint Venture partner Newmont to advance the Anza project", added Mr. Gosselin.
Not posted here for a long time, been patiently waiting to see the phase 2 plans. Be interesting to see how the market reacts to this mixed news.
Opened up over 9% so guess the news has been welcomed favourably by the market.
Major Thomas. Its great news. Agnico one of the top 10 companies now on board too. Already operate in the area so have the expertise and the same time Newmont are adding their expertise.
Can’t believe this, that didn’t payoff at all.
It got to be positive, two Major miners won't join hands for nothing. ANZA has huge potential and attractive grades to begin with. Royal Road in Guintar near APTA has been drilling for months now in which Agnico has interest.
It all gells well.
Gla.
What didnt pay off Webbs
What didnt pay off Webbs?
His deramping presumably
Sold half my holding on the spike was waiting for it to drop more. Good job I didn’t sell the lot.
Today, 30th Sept, 2020- 'Cornerstone news of penny to pound journey has kicked off'.
And I'm happy to have invested here for over 2 years :)
Webbs. This time the scenario was diff. Previously 1m spend so easy to be passive. Now 4m a year so couldn't see them sitting around letting us have the money.