TMAC Resources signed an agreement with Newmont Mining to acquire its Hope Bay Project in Nunavut, Canada. TMAC, a privately held mining exploration company, is a group of former senior executives from FNX Mining, headed by Terry MacGibbon, founder of FNX Mining.
“TMAC is the right partner to improve prospects for near-term development of the Hope Bay Project,” said Randy Engel, executive vice president, strategic development, Newmont. “TMAC’s management team has a proven track record of developing projects with similar characteristics, both profitably and responsibly. We look forward to developing a strong, long-term partnership as a significant shareholder of TMAC.”
“I am very excited to be working with Newmont and our Inuit partners to develop the full potential of the highly prospective Hope Bay Project. I am also very excited about putting back together and working with many of the former FNX executive team who helped make that venture such a success; particularly, Dr. Catharine Farrow, who will be TMAC’s CEO,” said Terry MacGibbon, executive chairman, TMAC. “Catharine made a tremendous contribution to FNX, QuadraFNX, and most recently, at KGHM International as the COO. With her exploration and operating expertise and experience, she is the ideal person to lead the future exploration and development of what we expect will be Canada’s next gold mining camp. By applying best-in-class industry standards and processes and leveraging the TMAC team’s proven entrepreneurial approach to profitable, low cost, staged mine development supported by geoscience driven exploration, we believe the Hope Bay Belt has great potential to be Canada’s next major gold mining camp and a long-term, profitable and environmentally responsible gold producer .”
The proposed transaction is subject to completion of the acquisition agreement.