Newmont to buy GT Gold for $311M

Newmont (NYSE: NEM) (TSX: NGT), the world’s No. 1 gold miner, is acquiring all the shares it doesn’t already own in Canadian explorer GT Gold (TSX-V: GTT) in a cash deal valued at about US$311 million ($393 million).

The transaction will see the U.S. mining giant buying the remaining 85.1% of common shares of GT Gold it doesn’t already have for $3.25/share in cash. The figure represents a 38% premium to the 20-day volume-weighted average price of GT Gold's shares on the Toronto Stock Exchange as of March 9.

GT Gold's primary asset is the wholly-owned, 475-sq.-km Tatogga gold-copper project, located in the traditional territory of the Tahltan Nation, about 14 km west of the Red Chris copper-gold mine.