Orla secures proxy firm support for Musselwhite acquisition
Canadian gold miner Orla Mining has gained the backing of two major proxy advisory firms for its proposed acquisition of the Musselwhite mine from Newmont.
The firms have recommended that shareholders vote in favour of the $850-million acquisition, along with a related private placement of convertible notes and common share purchase warrants.
The private placement, involving Pierre Lassonde and Fairfax Financial Holdings, will provide funding for a portion of the acquisition cost.
Orla urged shareholders to cast their votes ahead of the January 17 proxy deadline. A special meeting to consider the acquisition and private placement is scheduled for January 21, at the company’s Vancouver office.
Orla’s board of directors, excluding Newmont representative Scott Langley, unanimously recommended that shareholders vote in favour of the resolutions.
For Orla, which currently operates the Camino Rojo mine, in Mexico, the Musselwhite transaction is transformative. It will turn the company from a single-asset producer to a multi-asset miner, more than doubling its gold output to 300 000 oz/y.
Through the development of the South Railroad project, in Nevada, Orla has a pathway to 500 000 oz/y.
Musselwhite, located on the shore of Opapimiskan Lake in north-western Ontario, is expected to generate more than $150-million in average yearly free cash flow over the next six years. This strong cash flow, combined with the revenue from Camino Rojo, will enable Orla to self-fund its growth initiatives, including continued investment in Musselwhite’s development, the South Railroad project, the Camino Rojo sulphides project, and exploration in Canada, Mexico, and the US.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...
VISIT SHOWROOM
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
