On March 31, 2020, Newmont Corporation completed the sale of its Red Lake complex in Ontario, Canada to Australia’s Evolution Mining Limited for US$375 million in cash. As part of the sale, Evolution will also pay up to an additional US$100 million upon new resource discovery at the mine. The sale supports the continuation of Newmont’s capital allocation priorities, which include strengthening its investment grade balance sheet, investing in its highest returning projects and returning excess cash to shareholders.
Newmont was represented internally by Amy Hu, Regional Vice President, Legal. Cassels acted as external counsel to Newmont with respect to commercial mining and real estate matters with a deal team that included Jen Hansen, Ann Watterworth and Jonathan Chandler (M&A and Mining) and Robert Lysy (Real Estate).
This deal won an Excellence Award at Lexpert’s Canadian Law Awards 2021 for Mid-Market Deal of the Year.