Equinox to buy Premier Gold in $480 million all-stock deal – by Cecilia Jamasmie (Mining.com – December 16, 2020)


Canada’s Equinox Gold (TSX, NYSE: EQX) is buying Premier Gold Mines (TSX: PG), which will spin out its Nevada assets in a new US-focused gold miner to be called i-80 Gold Corp.

The all-stock deal, valued at C$612 million ($480m) hands Equinox Gold Premier’s 50% interest in the Hardrock project in Ontario, the Mercedes Mine in Mexico and the Hasaga and Rahill-Bonanza properties in Red Lake, Ontario.

Centerra Gold (TSX: CG) agreed on Tuesday to sell its 50% shareholding in the Hardrock project to Orion Mine Finance for $225-million plus contingencies of about $75-million.

Once built, the mine is expected to produce more than 400,000 ounces of gold over a 14-year mine life.

Premier’s South-Arturo and McCoy-Cove properties will be held by i-80 Gold, which will also complete Premier’s previously announced acquisition of the Getchell project, all in Nevada.

For the rest of this article: https://www.mining.com/equinox-to-buy-premier-gold-in-480-million-all-stock-deal/