Canadian holding production facility Maudore Minerals Ltd. has announced advancing a “strategy of becoming dominant consolidator” by acquiring assets from North American Palladium (NAP). The purchase includes a trained workforce and the Sleeping Giant processing mill with a tailings facility in an $18 million cash consideration, funded by borrowings under a $22 million secured credit facility.
The facility is 60 km west of Maudore’s Osbell Deposit and 150 km north of Val-d’Or, a route which continues north to Matagami, through mining-rich Quebec. Through the acquisition, Maudore has acquired all of NAP’s Quebec-based gold assets. This acquisition allows Maudore to advance consolidation in a highly prospective yet under-explored region within a globally competitive mining jurisdiction, according to company officials.
“The acquisition of the Sleeping Giant Mill and Tailings Facility run by its highly skilled and experienced work force is truly the most transformative event in the history of our company,” said Maudore CEO Kevin Tomlinson.
The Processing Facility is designed to operate at 900 metric tons daily, and currently processes between 400-600 of gold recovery five days per week, said company officials. This includes treating underground ore from the Vezza gold project as it continues to ramp up to production footing.