https://www.northernontariobusiness.com/
Vancouver’s Orla Mining does an $850 million deal with Newmont to acquire northwestern Ontario mine
Musselwhite Mine in northwestern Ontario finally has a new owner. Denver-based Newmont is selling Musselwhite to Vancouver’s Orla Mining for up to US$850 million in total consideration.
Newmont receives cash consideration of $810 million when the deal will be finalized in the first quarter of 2025 and up to US$40 million in contingent payments based on the average spot gold price following the two years after the transaction is closed. The fly-in, fly-out underground operation is roughly 500 kilometres north of Thunder Bay.
The much-anticipated news stems from Newmont’s strategy announced in February to divest certain non-core assets, including Musselwhite and Porcupine mines in Timmins, in order to chase opportunity in British Columbia’s Golden Triangle.
For the rest of this article: https://www.northernontariobusiness.com/regional-news/northwestern-ontario/musselwhite-mine-has-a-new-owner-9824290