https://www.northernontariobusiness.com/
Agnico eyes O3 Mining’s Marbon deposit with $204-million cash offer
Agnico Eagle is looking to expand its mining footprint in the Abitibi region. The Kirkland Lake and Detour Lake gold miner is making a takeover bid for O3 mining, a neighbouring gold company on the Quebec side of the prolific Abitibi mineral belt.
Agnico announced Dec. 12 that it has entered into a definitive support agreement to acquire all of the outstanding common shares of O3 in an offer valued at $204 million. The proposed deal is built around the acquisition of O3 Mining’s main asset, its Marban Alliance property, located outside Val d’Or, that is next to Agnico Eagle’s Canadian Malartic mine complex.
Marban Alliance property is a proposed open-pit mining operation containing 1.7 million ounces of gold in the indicated category grading at 1.03 grams per tonnes. O3 has spent five years getting the Marban deposit up to an advanced stage of exploration and mine readiness. O3 also possesses other exploration projects on its 128,000 hectares of property in Quebec.
For the rest of this article: https://www.northernontariobusiness.com/industry-news/mining/agnico-eagle-wants-to-buy-its-gold-exploration-neighbour-in-western-quebec-9944924