Newmont’s royalty portfolio includes 54 precious metals and industrial minerals royalties, including royalties at TMAC Resources’ Hope Bay mine in Canada and Premier Gold’s McCoy Cove project in Nevada.
Executive Vice President, Strategic Development, Newmont, Randy Engel, said: “Our strategic partnership and equity interest in Maverix generates value for both companies’ shareholders.”
“Maverix’s management team has a strong track record of managing and growing high-quality royalty and streaming assets in favourable mining districts on four continents.”
The parties are to enter into a shareholder agreement which will entitle Newmont to a seat on Maverix’s Board of Directors and pre-emptive rights to participate in future financings to maintain the company’s ownership stake. Newmont’s strategic partnership will provide ongoing exposure to Maverix’s growing portfolio, which currently includes 27 high-quality royalties and streams, 10 of which are on producing mines.
Closing of the transaction is expected to occur in the second quarter of 2018.
