Newmont sells Ontario gold mine to Orla for $850 million
Canada’s Orla Mining (TSX: OLA) is buying Newmont’s (NYSE: NEM) Musselwhite gold mine in Ontario for $850 million, enabling it to more than double production of the precious metal, at times when prices are hovering near record highs.
Orla will pay Newmont $810 million in cash, with additional installments contingent on gold prices. Two tranches will be due if gold exceeds $2,900/ounce and $3,000/ounce during the first and second full-year periods, following the deal’s expected closure in the first quarter of 2025.
Musselwhite, an underground gold mine in northwestern Ontario, has been operational for over 25 years. It had 1.5 million ounces of proven and probable gold reserves as of Dec. 31, 2023…
