Representatives of Newmont Mining Corp. have announced signing a Letter of Intent (LoI) to sell their Midas underground operation in Nevada to Waterton Global Resource Management Inc.; the proposal is subject to customary closing conditions.
Newmont officials were upbeat with a move “consistent with our strategy to deliver value to our portfolio by divesting non-core assets,” said Randy Engel, executive vice president, Strategic Development of Newmont. Waterton, he added, “is well positioned to enable Midas’ success over the long term.”
The LoI terminates in Q4 2013, barring extension by mutual agreement or earlier based on a superseeding of the acquisition deal. The mine lies in north central Nevada, between Elko County and Reno, and employs approximately 200 people; Newmont acquired the asset through a merger with Normandy.