The purchase of the Ontario operation will see the Orla’s gold production more than double
Vancouver-based Orla has agreed to pay US$810-million in cash to Newmont and up to US$40-million more contingent on gold trading above certain levels over the next two years.
Denver-based Newmont is selling the mine as part of its strategy to unload what it considers to be non-core assets. Newmont acquired the mine as part of its $10-billion acquisition of Canada’s Goldcorp Inc. in 2019. Gold on Monday traded at about US$2,600 an ounce, about US$180 below its record high reached last month. Bullion surged earlier in the year amid declining interest rates and uncertainty over the outcome of the U.S. presidential election. Investors view gold as a safe haven investment, and it tends to perform better in a falling interest rate environment because it yields nothing.
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