Osisko signs 50-50 joint-venture deal with Gold Fields to develop Windfall project
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 02/05/2023 (1243 days ago), so information in it may no longer be current.
TORONTO – Osisko Mining Inc. has signed a deal to form a 50-50 joint venture with South African company Gold Fields Ltd. to develop the Windfall gold project in Quebec.
Under the agreement, Gold Fields will make a $300-million initial cash payment to Osisko plus an additional payment of $300 million on issuance of the applicable permits authorizing the construction, operation and mining of the project.
Gold Fields will also fund spending for regional exploration up to a maximum of $75 million, after which regional exploration programs would be proportionately funded by each company.
In addition, Gold Fields will make two additional payments of $17 million for reimbursement of money already spent by Osisko on pre-construction expenses.
Osisko chairman and chief executive John Burzynski says the partnership strengthens the company’s balance sheet, allows it to significantly de-risk Windfall and brings the company a step closer to realizing its objective of becoming a leading Canadian gold producer.
The Windfall project is located between Val-d’Or and Chibougamau in the Abitibi region of Quebec.
This report by The Canadian Press was first published May 2, 2023.
Companies in this story: (TSX:OSK)