SYDNEY, AUSTRALIA: Newcrest Mining Limited (TSX: NCM) has entered into definitive agreements with Altus Strategies (LON: ALS) and AlphaStream Limited to sell a portfolio of 24 royalties.
Newcrest will receive total cash consideration of approximately US$37.5 million from Altus and AlphaStream payable upon completion of the transaction.
Completion of the transaction is expected to occur in two phases due to rights of first offer / refusal on select Australia exploration royalties. The transaction remains subject to Altus financing.
The royalties relate to Bonikro (Push Back 5), South Kalgoorlie Operations and Ballarat operating gold mines, and 21 development and exploration stage projects across Australia.
Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said “We remain focused on capital discipline across our whole business and see the sale of these royalties as an opportunity to unlock value for Newcrest shareholders in response to continued competition for royalty investments.”