Newmont Corporation (NYSE: NEM, TSX: NGT) announced today that it has formed an Exploration Joint Venture in Colombia with Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (Agnico Eagle). The 50-50 Joint Venture, which will be operated by Agnico Eagle, will explore the Anzá project and advance other prospective gold targets of district-scale potential in Colombia.
The Anzá project is a gold exploration project, comprising exploration contracts and applications totaling approximately 200 km2 located in the Mid-Cauca belt in Colombia. The project is 50 km west of Medellin and 60 km south from Zijin Mining’s Buriticá operation. More information on the Anza project and Newmont’s Exploration Agreement with Orosur Mining Inc. can be found here.
“We are excited to partner with Agnico Eagle to further advance exploration opportunities in this highly prospective region in Colombia,” said Tom Palmer, President and Chief Executive Officer. “Our companies share similar views of safe and responsible mining practices with proven expertise in Greenfields exploration areas.”
Agnico will sole fund the Joint Venture until expenditures equal Newmont’s previous investment in the Anza project (approximately $2.9 million). Thereafter the parties will continue funding on a 50-50 basis.