By Robb M. Stewart
Agnico Eagle Mines is bumping up its investment in Collective Mining, securing exposure to an early-stage gold-exploration project in Colombia.
The Toronto gold producer said Monday it agreed to subscribe for about 4.7 million Collective Mining shares in a private placement for a total of 52.2 million Canadian dollars ($36.3 million), while also exercising warrants it holds to buy about another 2.3 million shares for C$11.3 million.
The move will lift Agnico Eagle's interest in Collective Mining to just shy of 15%, or 12.7 million shares. It currently holds 5.7 million shares, plus 2.3 million warrants.
Agnico Eagle, which continues to focus on a portfolio of its own growth projects, said it also seeks to complement its pipeline by acquiring strategic toehold positions in projects with strong geological potential.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
March 17, 2025 08:22 ET (12:22 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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