Australia's Newcrest To Buy Canadian Copper And Gold Mine For $807 Million

Australian gold miner Newcrest Mining Ltd said on Monday it had agreed to acquire a copper and gold mine in Canada for $806.5 million, just a few weeks after its chief executive indicated he had asset purchases on his mind.

Newcrest said in a statement it would acquire a 70 percent joint-venture interest in, and operatorship of, the Red Chris mine and surrounding tenements in British Columbia from Toronto-listed Imperial Metals Corp.

Red Chris is a copper and gold porphyry with an operating open-pit mine and mineral resources of 20 million ounces of gold and 13 billion pounds of copper. The property comprises 23,142 hectares (57,200 acres) of land with 77 mineral tenures, Newcrest said.