Officials at Osisko Gold Royalties Ltd. have announced their acquisition of smaller rival Virginia Mines Inc. for $424 million, creating a $1.2 billion miner with interests in two major gold assets in Quebec province. Osisko is a royalty-owner in Canada’s Malartic asset.

The deal allows the Montreal-based Osisko a stake in Goldcorp Inc.’s Éléonore mine, where production began in 2013. The operation will ramp up to 600,000 gold oz pending 2018; Malartic currently produces 525,000 gold oz annually.

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