Orla Mining Completes Purchase of Musselwhite Gold Mine From Newmont
Orla Mining has completed the $810 million purchase of the Musselwhite Gold Mine from Newmont, with an additional $40 million contingent on gold prices. The acquisition was financed through debt, gold prepayment, convertible notes, and cash. Newmont also finalized the sale of its Eleonore and Cripple Creek & Victor operations, receiving $1.7 billion in after-tax proceeds. Following the announcements, shares of Orla Mining and Newmont rose by over 2% and 1%, respectively.
Orla Mining said Monday it has completed the purchase of Musselwhite Gold Mine in Ontario, Canada, from Newmont 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.