Newcrest completed the acquisition of a 70% stake in Red Chris from Imperial Metals for $806m.

Newcrest, the largest gold producer listed on the Australian Securities Exchange, completed the acquisition of a 70% stake in Red Chris, a copper-gold mine operator, from Imperial Metals, a Vancouver exploration, mine development and operating company, for $806m. "We are delighted to add this joint venture into the Newcrest portfolio.We believe we can bring our unique technical capabilities to unlock the full value potential of this orebody in one of the premier gold districts in the world.We have identified a clear path to potentially turn Red Chris into a Tier 1 operation. The geology of Red Chris is similar to our Cadia orebodies in Australia and we will be applying our considerable experience in exploration, open pit mining, caving and processing to maximize the value of Red Chris and the opportunities in the surrounding region.We look at this opportunity in the same way as we do with Cadia, where we have proven we can create significant value from deep underground porphyry orebodies. We are pleased to be establishing a joint venture with Imperial and look forward to building a collaborative relationship with Tahltan Nation and the Government of British Columbia," Sandeep Biswas, Newcrest Managing Director and CEO.