Newmont Goldcorp Sells Red Lake Mines To Australia’s Evolution For US$475M

Newmont Goldcorp of Denver, Colo., has agreed to sell Red Lake Mines Ltd. to Evolution Mining of Australia. Evolution has agreed to make a cash payment of US$375 million  upon closing in the first quarter of 2020, plus up to another US$100 million contingent on new resource discoveries.

Evolution will pay Newmont Goldcorp US$20 million for each one million ounces of new gold resources it adds to Red Lake over a 15-year period. The arrangement covers the first five such discoveries.

(Image by Tama66 from PixaBay)