Orla Mining Ltd. has signed a deal to buy the Musselwhite gold mine in Ontario from Newmont Corp.
Under the deal, the company will pay US$810 million plus up to an additional US$40 million, depending on the price of gold after the deal closes.
Musselwhite is an underground gold mine in northwestern Ontario that has been in operation for over 25 years.
The mine had 1.5 million ounces of proven and probable gold reserves at Dec. 31, 2023.
Orla already owns the Camino Rojo gold mine in Mexico and the South Railroad project in the United States.
It says the combination of Musselwhite and Camino Rojo will more than double the company's annual gold production to over 300,000 ounces.
This report by The Canadian Press was first published Nov. 18, 2024.