https://www.northernontariobusiness.com/
Tony Makuch returns to familiar stomping grounds following US$425-million deal with Newmont
Newmont has finally sold its Porcupine operations in Timmins to Discovery Silver Corp. of Toronto for US$425 million.
Promising to invest heavily in the northeastern Ontario gold camp is one of the city’s native sons, Tony Makuch, the former CEO of Lake Shore Gold, who now steers this growing upstart company. The deal is expected to close some time during the first half of this year.
To fund this transaction, Discovery said it’s being backstopped with a $555-million financing package from Franco Nevada. The Porcupine Complex consists of the Hoyle Pond and Pamour mine properties and the Dome mine (now closed) and the active mill property along with the Borden underground operation outside Chapleau.
For the rest of this article: https://www.northernontariobusiness.com/industry-news/mining/discovery-silver-is-the-new-owner-of-timmins-porcupine-gold-complex-10135191