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Newmont Mining to Acquire Fronteer Gold for $2.3 Billion

Fronteer Gold shareholders will see the world’s second largest gold producing company, Newmont Mining Corporation, take over the company in a Canadian $2.3 billion deal. This will result in a new company called Pilot Gold.

The shareholders of Fronteer Gold will get Canadian $14 in cash and one common share of the newly formed company in exchange for one common share of Fronteer Gold. This is at a 37% premier to the shares of the company on close of Wednesday’s trading at Canadian $ 10.25. After the announcement on Thursday the shares of Fronteer Gold rose more than 40% to Canadian $14.40.

The Chief Executive of Newmont Mining Corp, Mr Richard O’Brien said that what made Fronteer Gold more attractive was its Long Canyon project in Nevada. The company has been finding more resources at the location and Mr O’Brien said that it was near their own resources and they knew the territory. He added that they felt strongly about the geologic potential increasing over time.

Newmont Mining has been operating in the state of Nevada since the last 60 years after it discovered the Carlin gold trend in 1963. It is among the tow largest producers of gold in the state along with Barrick Gold Corporation. They are familiar with the state’s geology and thing that Long Canyon has a gold trend very similar to the legendary Carlin trend.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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