Newmont Mining Corp. (NEM) Friday said it has completed the acquisition of the remaining 33.3% interest in the Boddington gold mine in Western Australia from AngloGold Ashanti Ltd. (AGG.AU).

Newmont paid about US$1.1 billion to buy the remaining stake.

Boddington, located about 130 kilometers southeast of Perth, was 96% complete at the end of May, and startup is expected mid-2009 with a 12 month ramp up schedule.

The mine will be Australia's largest gold producer once completed, with an expected capital cost of US$2.6 billion to US$2.9 billion.

-By Elisabeth Behrmann, Dow Jones Newswires;

61-2-8272-4689 elisabeth.behrmann@dowjones.com