Orla buying Musselwhite gold mine from Newmont for up to US$850-million [Globe and Mail, The (Toronto, Canada)]
Newmont Corporation (NEM)
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Source: Globe and Mail, The
increase as mergers and acquisitions activity heats up in the industry with bullion near record highs. Vancouver-based Orla has agreed to pay US$810-million in cash to Newmont and up to US$40-million more contingent on gold trading above certain levels over the next two years. The purchase of Musselwhite will see the Orla's gold production more than double to above 300,000 ounces of gold a year. All of Orla's assets are located outside of Canada with its Camino Rojo mine in Mexico its only operating mine. The company also owns two gold projects in Nevada and Panama, which are not yet in production. Located in northwestern Ontario, Musselwhite is a fly-in, fly-out underground mine on the shore of Opapimiskan Lake roughly 500 kilometres north of Thunder Bay. The mine has been in operation since 1997 and has produced almost six million ounces of gold. As of the end of last year, it held 1.5 million ounces of gold reserves. Based on an engineering report commissioned by Orla, the m
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News
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- Founders Metals Announces Positive Metallurgical Test Work [Yahoo! Finance]Yahoo! Finance
- Newmont to Divest Musselwhite Operation for Up to $850 Million [Yahoo! Finance]Yahoo! Finance
- Lion One Intensifies Roscoelite Focus and Enhances Fiji Gold Team with Addition of Two Ex-newmont Geologists [Yahoo! Finance]Yahoo! Finance
- Newmont Co. (NYSE: NEM) was upgraded by analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating.MarketBeat
NEM
Earnings
- 10/23/24 - Beat
NEM
Sec Filings
- 11/18/24 - Form 8-K
- 11/12/24 - Form SC
- 11/6/24 - Form 4
- NEM's page on the SEC website