Orla Mining (ORLA) said Monday it has completed the purchase of Musselwhite Gold Mine in Ontario, Canada, from Newmont (NEM) for $810 million in cash, with an additional $40 million contingent consideration tied to gold prices.
The $810 million upfront payment was financed through a combination of debt, gold prepayment, new convertible notes, and available cash, the company said.
Separately, Newmont said it has also completed the sale of its Eleonore operation in Canada and Cripple Creek & Victor operation in Colorado, and that it has received $1.7 billion in total after-tax cash proceeds from the sale of the three assets.
Shares of Orla Mining and Newmont were up more than 2% and 1%, respectively, in recent Monday trading.
Price: 7.19, Change: +0.18, Percent Change: +2.50
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.