[UPDATED] Newmont Mining Completes Sale of Jundee Underground Gold Mine

Newmont Mining Corporation announced the completion of the sale of its Jundee underground gold mine in Australia to Northern Star Resources Limited for a total profit of approximately $91 million.

Randy Engel, Newmont’s Executive Vice President for Strategic Development, commented on the sale by saying, “We are pleased to have completed the sale of Jundee as part of our ongoing effort to increase shareholder value by focusing on lower cost, longer life operations.  With the closing of this sale, Newmont has generated approximately $800 million in proceeds over the last 12 months from the divestment of non-core assets.”

Located 520 kilometers north of Kalgoorlie in Western Australia, the Jundee gold mine began producing in 1995 from a complex of open put mines that no longer operate.  Underground mining has been performed at the site since 1997.  All of Newmont’s existing fixed plant and onsite equipment has been transferred to Northern Star.  Additionally, the majority of Jundee’s non-contract staff were offered continuing employment.  In 2013, Jundee produced 279,000 ounces of gold and remains one of Australia’s top-producing mines.

A leading producer of gold and copper, Newmont was founded in 1921 and has been publicly traded since 1925.  The company is headquartered in Colorado and has approximately 30,000 employees and contractors, the majority of whom work at managed operations in the United States, New Zealand, Peru, Australia, Indonesia and Ghana. 

Northern Star Resources Limited is an Australian gold producer that owns and operates several high-grade mines including Paulsens, Plutonic, Kanowna Belle and Kundana.