September 12, 2014 / 6:30 AM / 4 years ago

Fresnillo to buy out Newmont from Mexico JV for $450 mln

Sept 12 (Reuters) - Fresnillo Plc, a silver and gold miner, said it would buy Newmont Mining Corp’s 44 percent stake in their Mexico-focused Penmont joint venture for $450 million.

The joint venture, in which Fresnillo holds the remaining 56 percent stake, comprises the Herradura, Noche Buena and Soledad Dipolos mines, the Mega Centauro and Centauro Deep advanced exploration projects and a number of other key exploration prospects.

“Acquiring full control of the Herradura and Noche Buena mines and the key exploration assets in the JV should enable us, with our current operations, to increase our target of reaching 500,000 ounces of attributable gold production by 2018 to 750,000 ounces,” Fresnillo’s Chief Executive Octavio Alvídrez said in a statement on Friday.

The deal is expected to add to earnings immediately, Fresnillo said. (Reporting by Esha Vaish in Bangalore; Editing by Gopakumar Warrier)

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