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Newcrest (NCM) Ups Stake In Lundin Gold For $79.6m

Owen Raszkiewicz
Owen Raszkiewicz
Owen Raszkiewicz

Owen Raszkiewicz

Owen is the Chief Investment Officer of Rask Invest and Founder of Rask. Since founding The Rask Group in 2017 in the hillside suburb of Upwey, Victoria, Owen has overseen the growth of the Rask platform to over 200,000 investor followers. Today, Owen oversees the Rask Analyst team, which helps more than 4,000 Aussies build core portfolios from ETFs and shares, he hosts Australia's biggest investing podcast, The Australian Investors Podcast, appears on Rask's other channels, covering Property, Business and Finance; and leads Rask Education - our education platform which has enrolled over 25,000 Australians into free finance courses. Prior to founding Rask, Owen was an investment analyst at the highly regarded managed funds research business and a writer/analyst for one of the most well-known share market publications. Owen’s formal qualifications include a Master of Applied Finance and Master of Financial Planning from Kaplan Professional, Bachelor of Technology (Information Systems) from Swinburne University of Technology, Advanced Diploma of Financial Services (Financial Planning) and Diploma of Mortgage Broking Management. He's also completed level 1 of the Chartered Financial Analyst (CFA) program.
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Newcrest Mining Ltd (ASX: NCM) today announced it has acquired an additional 10.98 million shares in Lundin Gold Inc from Canada’s Kinross Gold Corporation (TSE: K) for $C79.6 million ($88 million).

Newcrest is the largest gold producer listed on the Australian Securities Exchange and one of the world’s largest gold mining companies.

As of 2018, its major operations in New South Wales’ Cadia Valley, Telfer in Western Australia, Gosowong in Indonesia, and Lihir in Papua New Guinea (PNG).

Newcrest Takes Lundin Stake to 32%

Lundin Gold is the owner of the Fruta Del Norte project in Ecuador. The project, Newcrest CEO Sandeep Biswas says, is a Tier 1 underground gold and silver mine.

“This was a great opportunity to increase our exposure to Fruta del Norte, a Tier 1 asset, which is expected to commence commercial production in the June 2020 quarter,” Biswas said via an ASX announcement.

Fruta Del Norte has an expected mine life of 14 years with expected gold production of 315,000 ounces per year.

According to its website, Newcrest’s wide-ranging assets across Australia, Asia and Canada currently boast an average mine life of 25 years.

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The information on this website is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) and Target Market Determination before making a decision to acquire any financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms & Conditions and Financial Services Guide before using this website.

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