Orla Mining to acquire Newmont's Ontario mine; shares rise

Orla Mining

18/11/2024 13:51

** U.S.-listed shares of Canadian miner Orla Mining  ORLA.K 
rise 4.6% to $4.12 premarket
    ** Co to acquire the Musselwhite Gold Mine in Ontario from
U.S.-based gold miner Newmont  NEM.N  in a deal valued at $850
mln
    ** Says "combination of Musselwhite mine and Orla's low-cost
Camino Rojo oxide operation more than doubles the co's annual
gold production to over 300,000 ounces"
    ** Musselwhite is expected to generate over $150 mln in
average annual free cash flow over the next 6 years - ORLA
    ** Deal is expected to close in 1Q25
    ** NEM shares rise 2.9% to $42.10 in premarket trading
    ** For the year, ORLA up 21.2% and NEM down 1.1%, through
the last close

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))