Newmont Mining partners with Maverix Metals
ELKO, Nev. — Newmont Mining Corporation recently entered into an agreement to sell its royalty portfolio to Maverix Metals Inc., an emerging precious metals royalty and streaming company.
In connection with the transaction, according to a May 29 news release, Newmont will receive 60 million Maverix common shares, representing an ownership interest of approximately 28 percent; $17 million in cash; and warrants for an additional 10 million common shares.
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.
In connection with the transaction, the parties will enter into a shareholder agreement which will entitle Newmont to a seat on Maverix’s Board of Directors and preemptive rights to participate in future financings to maintain the company’s ownership stake.
Demolition will be completed in three phases: asbestos abatement, interior demolition and exterior demolition. The first two phases have already begun inside the 150,000-square-foot retail location formerly known as Shoppers Square; the first visual of outside demolition will be in early October on the northwest corner of the project.