Newmont Mining has acquired the remaining 33% interest in the Boddington project from AngloGold Ashanti to gain full ownership of the largest gold project in Australia.

The deal includes a $750m cash payment at closing, $240m payable in cash or Newmont common stock and a royalty capped at $100m of the average realised operating margin.

Capital costs of between $2.6m and $2.9m are expected and the project should produce about one million ounces of gold annually for the first five years.

The Boddington project is expected to start in mid-2009, with an anticipated 12-month ramp-up schedule and a 20-year mine life.