Newmont Mining said its expertise in large-scale mining may be useful in developing its joint-venture Fort a la Corne diamond mine, controlled by Shore Gold.
Newmont already operates large, open-pit mines in Ghana, Indonesia, Peru and the U.S., and its experience will be helpful when Saskatoon, Saskatch- ewan-based Shore develops its project in Canada, Stephen Enders, senior vice president of exploration at Denver-based Newmont, said this week in an interview in Toronto. Diamond mining fits with Newmont’s strategy of producing precious minerals, not just precious metals, he added.
“Gold-, silver-, platinum- group metals, diamonds are all precious, so it’s obviously something interesting that fits with our business model,” Enders said. “We really like its scale, and Newmont knows how to mine at large scale. The upside potential is huge, and the downside is limited.”
A dearth of new, large gold-deposit discoveries is forcing producers such as Newmont and AngloGold Ashanti Ltd. to widen their search to riskier territories and consider mines that yield copper, silver, zinc and other metals. Newmont owns a 40 percent stake in the Fort a la Corne project and another 10 percent in Shore.
