Northern Star to Buy Newmont Australian Power Unit For $95 Million
November 22 2021 - 4:10PM
Dow Jones News
By Rhiannon Hoyle
Northern Star Resources Ltd. said it will buy a power business
from Newmont Corp. for $95 million, giving the Australian miner
greater control over its power supply in a remote part of the
country's west.
Northern Star on Tuesday said it has entered a binding sale
agreement to acquire all of Newmont's shares in GMK Investments
Pty. Ltd., which owns a 50% interest in the Parkeston Power Station
at Kalgoorlie in Western Australia state.
Northern Star already paid $25 million for an option to buy the
Newmont power unit in its purchase of the Colorado-based miner's
50% stake in Kalgoorlie Consolidated Gold Mines Pty. Ltd. The
company will pay the $70 million balance when the deal completes,
which is expected to happen next month, Northern Star said.
The Parkeston Power Station provides electricity to Kalgoorlie
Consolidated Gold Mines and the Kalgoorlie area.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
November 22, 2021 16:55 ET (21:55 GMT)
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