GR Silver Mining buys Marlin Gold Mining
GR Silver Mining has signed a definitive binding Share Purchase Agreement to buy Marlin Gold Mining from Mako, with the transaction expected to close by the end of March.
Marlin owns, among other assets, Oro Gold de Mexico. As consideration for all of the issued and outstanding shares of Marlin, GR Silver will pay CDN$50,000 to Mako and Oro Gold will grant Mako a 1% net smelter return royalty on the concessions owned by Oro Gold.
GR Silver Mining President and CEO, Marcio Fonseca, said the acquisition will strengthen its position in this region and is consistent with its strategy "of controlling 100% of what we believe are the most important silver and gold assets" in the Rosario Mining District of Sinaloa in Mexico.
As part of the March 2020 acquisition of the Plomosas Silver Project from First Majestic Silver Corp., GR Silver Mining also acquired a package of three concessions (Rosario I, Rosario II, and Rosario IV) strategically located adjacent to the Rosario town.
"GR Silver is the first company to achieve control of all these assets and unlock the opportunity for exploration potential and discoveries, towards developing the next generation of silver and gold mines. This acquisition supports our goal of delivering significant shareholder value through new discoveries," he said.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.