Newmont hopes to sell its Nunavut mine to private company

Newmont Mining Corporation has taken steps to sell its Hope Bay Gold property near Cambridge Bay, Nunavut.

Newmont is one of the largest gold producers in the world.

In February, the company surprised many in Nunavut when it announced it was walking away from Hope Bay. The company had constructed roads and camps on site, and even began work on underground tunnels.

Now, Newmont officials say they have signed a letter of intent with a privately held companyTMAC Resources.

In a release, Newmont said a number of conditions must be met before the sale is finalized. This includes financing, regulatory and third-party approval.

The potential deal will expire on March 31, 2013, if it is not finalized before then.