Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Newcrest Mining, Australia’s largest gold mining company, said that gold production rose 16% to 700,124 ounces during its June quarter.
Copper production was slightly higher than the previous quarter at 20,127 tonnes. The company said cash costs of A$542 per ounce were higher than the previous quarter due to higher site costs and lower copper byproduct credits per ounce.
The company’s Hidden Valley and Lihir mines had minor production disruptions. Lihir due to a high voltage switchgear failure and Hidden Valley due to conveyor belt problems. Planned production is expected to resume.
The company reached an agreement reached to sell Cracow and Mt Rawdon, subject to transaction completion
