Klondex Mines Ltd. (TSX:KDX) is set to acquire the Midas mine and related ore milling facility located in the State of Nevada for approximately US$83 million from a subsidiary of Newmont Mining Corporation.
As quoted in the press release:
The Acquisition is anticipated to close in early 2014, subject to the fulfillment of various closing conditions, including the receipt of requisite regulatory approval and other third party consents, and entry into certain ancillary arrangements with Newmont for the provision of transition services.
Klondex Mines President and CEO, Paul Huet, said:
This acquisition is transformational for Klondex, during a pivotal point in our company’s development. I am confident that Klondex’s management team can leverage past experience, with some of the core leadership team having previously worked at Midas, to vastly benefit from the synergies and to unlock continued value in Klondex for shareholders going forward. Our team is extremely pleased to be working alongside Newmont to bring together two excellent epithermal deposits with a high-quality central mill.