Newmont selling Porcupine operation to Discovery Silver in deal worth US$425 million
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 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
*Billed as $4.00 plus GST every four weeks. After 24 weeks, price increases to the regular rate of $19.95 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.99/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19.95 plus GST every four weeks. 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*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 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 27/01/2025 (425 days ago), so information in it may no longer be current.
TORONTO – Newmont Corp. has signed a deal to sell its Porcupine operation in Ontario to Discovery Silver Corp. in an agreement worth US$425 million.
The Porcupine Complex includes the Hoyle Pond and Pamour mine properties and the Dome mine property and milling facility in Timmins, Ont., as well as the Borden underground mining operation near Chapleau, Ont.
Under the deal, Newmont will be paid US$$200 million in cash and US$75 million in shares of Discovery when the deal closes.
Newmont will also receive US$150 million in deferred consideration to be paid in four annual cash payments of US$37.5 million starting on Dec. 31, 2027.
Discovery owns the Cordero silver project in Mexico.
To help pay for the Porcupine deal and support operating and growing the operation, the company has signed deals to raise US$555 million including US$400 million in royalty and debt agreements with Franco-Nevada Corp. and a US$155 million bought deal offering of subscription receipts.
This report by The Canadian Press was first published Jan. 27, 2025.
Companies in this story: (TSX:DSV, TSX:NGT, TSX:FNV)