Australian mining giant Newcrest Mining has completed its acquisition of Pretivm Resources, the company that currently operates the Brucejack gold mine in northwest B.C.
The acquisition was first announced in November 2021 when the Newcrest agreed to buy the shares it did not own in Pretivm for $3.5 billion.
Located in B.C.’s Golden Triangle region, Brucejack Mine began commercial production in 2017 and is one of the highest-grade operating gold mines globally.
“We are delighted to reach this major milestone and I welcome our new shareholders, employees, First Nations partners, local communities and business partners resulting from the transaction,” Newcrest’s managing director Sandeep Biswas said in a statement released by the company.
Biswas also estimates Newcrest’s gold production to remain strong until at least 2030.
“In parallel, our exploration team will be progressing an extensive drilling campaign across the Brucejack mineral claims which make up one of the largest epithermal footprints we have ever seen,” he said. “The land package is largely unexplored and very early in its life, and we see significant upside potential beyond Valley of the Kings and Golden Marmot.”
The company said it is looking at implementing a three-phase transformation program to optimize operations, realize full uplift potential and grow the mineral resource – a move that they believe will generate significant long-term value for shareholders.