Waterton Global Resource Management, a Canadian mining private equity firm, has closed its previously announced purchase of Nevada mining assets from Barrick Gold Corp (NYSE, TSX: ABX). Waterton paid $110 million in cash for a 70 percent interest in the Spring Valley project and 100 percent of the Ruby Hill gold mine. In a separate statement, Waterton also announced it has closed its previously announced buy of Midway Gold Corp‘s 30 percent interest in the Spring Valley project for US$25 million in cash. Toronto-based Waterton raised over US$1 billion for its second fund, Waterton Global Precious Metals Fund II, in April 2014.
Waterton Global Completes Purchase of Spring Valley and Ruby Hill Assets from Barrick Gold
TORONTO, Dec. 17, 2015 /CNW/ – Waterton Global Resource Management (“Waterton”) today announced that subsidiaries of Waterton Precious Metals Fund II Cayman, LP have closed on the previously announced purchase of Barrick Gold Corporation’s (NYSE: ABX)(TSX:ABX) (“Barrick”) 70 percent interest in the Spring Valley project and 100 percent of the Ruby Hill mine for a total of $110 million in cash.
“We are very excited to add Spring Valley and Ruby Hill into our growing portfolio of high quality, advanced stage development and production assets,” said Isser Elishis, CIO of Waterton Global.
Spring Valley is an open-pit, oxide heap leach gold project located 75 miles west of Cortez in Nevada. It offers a highly prospective land package with significant exploration upside and potential. The property spans 11,022 gross acres on 618 contiguous unpatented lode and placer mining claims and 1,701 gross acres of fee lands.
The Ruby Hill mine is an open-pit, heap leach gold mine located on the Battle Mountain / Eureka gold trend. Since 2006, prior to commencing the permitting of the next phases of mining, the Ruby Hill mine produced over 1.4 Moz of gold. The mine offers additional gold and base metal potential.
Stikeman Elliot LLP acted as Waterton’s Canadian legal advisors, and Davis Graham & Stubbs LLP acted as Waterton’s US legal advisors, in connection with the acquisition.
Waterton is a leading mining-focused private equity firm dedicated to developing high quality precious and base metals projects located in stable jurisdictions. Waterton’s cross-functional, fully-integrated, in-house team of professionals have significant mining, financial and legal expertise. Waterton’s proactive approach to asset management, significant sector knowledge and ability to leverage extensive industry relationships has resulted in a strong track record of managing investments in the metals sector. Additional information about Waterton is available online at www.watertonglobal.com.
For further information: Investors: Waterton Precious Metals Fund II Cayman, LP, Cheryl Brandon – Partner, Investment Management, (416) 504-3500; Media: Bayfield Strategy, Inc., Riyaz Lalani, (416)-907-9365, firstname.lastname@example.org
Photo courtesy of Barrick Gold Corp