Newmont Mining Signs LoI with TMAC Resources for Proposed Deal for Hope Bay Project
Newmont Mining Corporation of Canada Limited (NYSE: NEM) and TMAC Resources Inc. ("TMAC") today announced the signing of a binding Letter of Intent ("LOI") to acquire Newmont's Hope Bay Project in Nunavut, Canada. TMAC is a privately held mining exploration and development focused company comprised of the former senior executives of FNX Mining Company Inc. and headed by Terry MacGibbon, founder of FNX Mining Company Inc. and Chairman of Torex Gold Resources Inc. TMAC management has an exceptional track record for developing high grade, profitable underground mines. The proposed transaction is subject to a number of conditions, including execution and delivery of an acquisition agreement, completion of an initial equity financing, execution of an investor rights agreement, and receipt of all required regulatory and third party approvals.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.