Newmont has completed the sale of its Red Lake complex in Ontario, Canada, to Evolution Mining for $375 million in cash with future contingent payments of up to an additional $100 million tied to new resource discoveries. Under the terms of the $100 million contingent payment, Evolution will pay Newmont $20 million for each 1 million ounces (oz) of new gold resources added to the existing Red Lake resource base over a 15-year period. The contingent payment is applicable to the first 5 million oz of new resources.

“We are pleased to complete the sale of Red Lake to a highly respected and responsible operator in Evolution,” President and CEO of Newmont Tom Palmer said. “The transaction provides us ongoing exposure to future exploration upside, while we remain focused on our diverse global portfolio of 12 managed operations and two joint ventures, which includes eight world-class assets.”