- Orea Mining (OREA) has signed a definitive agreement to acquire Nordgold’s 55.01 per cent interest in the Montagne d’Or joint venture (JV) company in France
- Nordgold is a gold mining company with operations in Eurasia
- The JV company holds 100 per cent of the Montagne d’Or permitting-stage, five-million-ounce open pit gold mine development project in French Guiana
- Orea will be obligated to pay Nordgold $100 million once it receives all permits and authorizations necessary for the mine
- The agreement was signed with the approval of the French treasury, which is responsible for overseeing matters related to Russian sanctions
- Orea Mining is a gold exploration and development company
- Orea Mining (OREA) is up 20.00 per cent trading at $0.12 per share as of 1:55 p.m. EST
Orea (OREA) has acquired Nordgold’s 55.01 per cent interest in the Montagne d’Or JV company in France.
Nordgold is a gold mining company with operations in Eurasia.
The JV company holds 100 per cent of the Montagne d’Or permitting-stage, five-million-ounce open pit gold mine development project in French Guiana.
Orea will be obligated to pay Nordgold $100 million once it receives all permits and authorizations necessary for the mine, which needs to produce a minimum of 100,000 ounces of gold per year. If Nordgold’s shareholders are under sanctions at the time of the payment, then the funds will only be processed with applicable sanction regulations.
Under the agreement, the JV company has settled $35.6 million that was owed to Nordgold with no cash outlays by Orea. Orea also appointed its own president to operate the JV company and has dissolved the previous board of directors.
The final regulatory and administrative steps are underway to transfer Nordgold’s shares of the JV company to Orea, which must be completed by February 28th. The agreement was signed with the approval of the French treasury, which is responsible for overseeing matters related to Russian sanctions.
Orea Mining (OREA) is up 20.00 per cent trading at $0.12 per share as of 1:55 pm EST.
