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

Orla Mining

18/11/2024 14:53

(Updates)
    ** Shares of Canadian miner Orla Mining  OLA.TO  rise 10.2%
to $4.34
    ** 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 - OLA
    ** Deal is expected to close in 1Q25
    ** NEM shares rise 2.2% to $41.82
    ** Including session's moves, OLA up 39.58% and NEM up 1.5%,
for the year

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