Suriname to buy stake in Newmont Mining gold project
The government of Suriname is to participate in the Merian gold project being developed in the country by US firm Newmont Mining.
Staatsolie, Suriname's state-owned oil firm, will acquire a 25% stake in the mine, according to a Newmont Mining release.
The company has made an initial US$83mn cash contribution to Newmont Mining.
Merian, which requires total capital investment of between US$900mn and US$1bn, contains gold reserves of 4.2Moz.
At the Denver Gold Forum in September, CEO Gary Goldberg said if the government of Suriname exercised an option to acquire a 25% stake in the mine, capex for Newmont Mining could be as low as US$650mn. The project is expected to deliver a rate of return of 13-14%, he said.
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