Leagold Acquires Los Filos Gold Mine from GoldcorpLeagold Mining, a Canadian company headquartered in Vancouver, British Columbia, has acquired the Los Filos gold mine in Guerrero state, Mexico from Goldcorp for $350 million. Los
Leagold Mining, a Canadian company headquartered in Vancouver, British Columbia, has acquired the Los Filos gold mine in Guerrero state, Mexico from Goldcorp for $350 million. Los Filos operations include two open pits (Los Filos and Bermejal), an underground mine at Los Filos, and the opportunity to develop a new underground mine at Bermejal as an expansion project. During 2016, Los Filos produced 231,000 oz of gold at an all-in sustaining cost (AISC) of $878/oz.
The purchase price for Los Filos consisted of $279 million in cash and $71 million in Leagold common shares. The transaction was announced on January 12, 2017 and closed on April 7. Post-closing, Goldcorp holds a 25.3% equity interest in Leagold, and Russell Ball, Goldcorp’s executive vice president corporate development and CFO, has joined Leagold’s board of directors.
Montagne d’Or Study Calls For 237,000 oz/y of Gold
Nordgold and Columbus Gold have reported the results of an independent bankable feasibility study of their Montagne d’Or gold project in French Guiana that anticipates development of an open-pit mining operation producing 237,000 oz/y of gold during its first 10 years of operation. The study was funded by Nordgold, pursuant to which it earned a 50.01% interest in the project. Nordgold has also acquired an additional 5% interest as the result of a share purchase agreement dated January 12, 2016 and now holds a 55.01% interest in the project.
San Ramon Achieves Commercial Production
After completing construction, commissioning of the mill and pouring first gold in November, Red Eagle Mining Corp. reported that the San Ramon gold mine achieved commercial production at the end of March. The processing facility has reached a steady state and underground mining is progressing at an increasing rate with the opening up of additional ore development headings.
Minsur Modifies EIS for San Rafael Mine in Peru
The Peruvian Service of Environmental Certification for Sustainable Investments (Senace) has approved the modification of the Environmental Impact Study (EIS) for the Re-approval of Tailings project at the San Rafael mine, which is owned by Minsur. The $344 million project will re-process tailings to extract tin concentrates using a new mineral processing facility. Located in southern Peru, the mine is the country’s lone tin producer and the EIS modification considers the impact of the reuse of the tailings deposit.
Pan American to Acquire New Argentine Mining Project
Patagonia Gold plc and Pan American Silver have entered an agreement to basically exchange mining assets in southern Argentina. Minera Triton Argentina, a subsidiary of Pan American Silver, will acquire the Cap Oeste Sur Este (COSE) project in Santa Cruz province for $15 million. Patagonia Gold gets an exclusive option to buy Minera Aquiline Argentina, a subsidiary of Pan American, which owns the Calcatreu gold-silver project, for $15 million. Patagonia Gold will have six months to execute the option.