Hope Bay Mining Ltd. (“HBML”), a subsidiary of Newmont Mining Corporation (NYSE: NEM) (“Newmont”), completed the sale of its Hope Bay Project located in Nunavut, Canada to TMAC Resources Inc. (“TMAC”), a privately held mining exploration and development-focused company. As consideration, HBML received shares in TMAC. TMAC plans to re-commence activities in the Hope Bay Greenstone Belt. Newmont will receive a one per cent net smelter returns royalty on future production from the Hope Bay Project.
Newmont was represented in-house by Melanie Smith, senior legal counsel, and Mark Ebel, associate general counsel; and by a Lawson Lundell LLP team that included Chris Baldwin (mining and corporate/commercial); Christine Kowbel (regulatory, mining, environmental and Aboriginal); Randall Chatwin (securities and mining); Karen MacMillan (mining and corporate/ commercial); Khaled Abdel-Barr (mining); Mandeep Dhaliwal and Elena Do (financial services); Len Glass (tax); Jennifer Nyland (regulatory and mining) and Kyla Schwartz (securities). Alan Bowman and Mark Bider-man of Goodmans LLP provided additional tax advice.
Cassels Brock & Blackwell LLP acted for TMAC with a team that included Jay Goldman, Gregory Hogan, Shaun Khullar and Chad Aboud (securities and mining); Christopher Norton (tax) and Jason Arbuck and Sara McKinnon (financial services).