A merger in the mining industry to start the week as Tahoe Resources and Rio Alto have agreed on terms to create a leading Latin American based mining producer. Both companies were profitable at current metal prices and were generating free cash flow. The combined company will offer shareholders low cost silver production from the world… Continue Reading
Rio Alto Mining (RIO.T), a profitable junior gold producer has announced a revised initial CAPEX on the Shahuindo gold project in Peru. The initial CAPEX is estimated at $70 million with first gold production in 2016. Rio acquired the Shahuindo project when they merged with Sulliden Gold in June. The Shahuindo project combined with the currently producing La Arena mine is expected… Continue Reading
After the market closed today Rio Alto Mining (RIO:TSX), who is in the process of acquiring fellow Peruvian gold company Sulliden Gold (SUE:TSXV), announced they have successfully come to terms with Agnico Eagle (one of Sulliden’s largest shareholders) to acquire their 8.6% stake in the target. Agnico Eagle has agreed to sell its interest in Sulliden for $1.10 per share or… Continue Reading
Yesterday, Australian-listed Papillon Resources (PIR:ASX) was halted at the company’s request pending a “potential corporate transaction”. If Papillon is part of a larger producers’ M&A mandate, then it would represent the 3rd such gold transaction in the past 2 weeks. Last week saw Rio Alto make a friendly, $300 million, bid for nearby Sulliden Gold and… Continue Reading
According to an announcement from London-listed Polymetal International PLC, the company has entered into binding agreements with Sumeru Gold B.V. and Sumeru LLP to acquire the Kyzyl gold project in north-eastern Kazakhstan for $618.5 million. The project hosts a 6.7 million ounce deposit (average grade of 7.5g/t gold) which will immediately double Polymetal’s booked reserves. … Continue Reading
The downtrodden gold mining sector has a new M and A deal to get excited about this morning, and this transaction is centred around creating a mid tier producer focused on Peru. Alex Black’s Rio Alto Mining is buying Stan Bharti’s Sulliden Gold for roughly $300 million in stock which values Sulliden at approximately $1.12… Continue Reading
