Gold producer Newmont Mining is searching for new gold and copper assets, saying the depressed market is the perfect time to acquire new assets.
“Now is the time when the markets are down to be looking at potential for acquisition of assets,” Newmont chief executive officer Gary Goldberg said.
He explained any purchase will have to add value, have a long mine life and a low operating cost profile.
Newmont said it is also open to partnering with other companies on acquisitions or existing assets, especially where the primary metal is copper.
“We have all this capability in copper in the business,” Goldberg said.
“And the gold premium has disappeared in the last couple of years for gold companies.”
“Copper is a logical next step to look at and at least put on the target list,” he said.
Bloomberg reports any potential deal will have to have manageable social, political and technical risks as well.
Goldberg said while no transactions are imminent, the company is “still looking at things”.
“It might be a good time to be buying,” Goldberg said.
“It doesn’t mean we’re going to shoot for X million tons of copper production by a certain year.”