Battle Mountain deal to close

Thursday, Nov. 30, 2000 | 11:16 a.m.

Newmont Mining Corp., Denver, is expected to complete its acquisition of Battle Mountain Gold Co. of Houston for $600 million stock plus debt by Jan. 10.

The merger agreement, which was announced June 21, calls for Battle Mountain shareholders to receive 0.105 shares of Newmont stock in exchange for each of their 230 million shares. Newmont will also assume about $199 million in Battle Mountain's long-term debt.

The merger will give Newmont Mining, which is North America's largest gold producer, a coveted Battle Mountain gold and copper development called the Phoenix project south of the Northern Nevada town of Battle Mountain. The Phoenix project has 9.9 million ounces in gold reserves.

Newmont Mining spokesman Doug Hock said a class-action suit filed June 23 in Clark County District Court by David King, a Battle Mountain shareholder, demanding a higher price for his stock, isn't expected to affect the merger.

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