Newmont Mining's plan to buy Colorado's largest gold mine from a South African company is expected to be completed by Sept. 30, reports the Colorado Springs Gazette.
If successful, the deal will bring Greenwood Village-based Newmont its first Colorado gold mine since it closed a mine near Telluride in 1978. Newmont CEO Gary Goldberg told the paper they will keep the current management and work force at the mine — a major economic force in Teller County.
After the deal is completed, Newmont plans to continue with an expansion that’s expected to boost gold production from 211,000 ounces last year to as much as 400,000 ounces next year.
The deal is still subject to approval by regulators in the U.S. and South Africa.