TORONTO — Newmont Corp. has signed a deal to promote its Porcupine operation in Ontario to Discovery Silver Corp. in an settlement price US$425 million.
The Porcupine Complicated contains the Hoyle Pond and Pamour mine properties and the Dome mine property and milling facility in Timmins, Ont., in addition to the Borden underground mining operation close to Chapleau, Ont.
Beneath the deal, Newmont shall be paid US$$200 million in money and US$75 million in shares of Discovery when the deal closes.
Newmont may even obtain US$150 million in deferred consideration to be paid in 4 annual money funds of US$37.5 million beginning on Dec. 31, 2027.
Discovery owns the Cordero silver venture in Mexico.
To assist pay for the Porcupine deal and assist working and rising the operation, the corporate has signed offers to boost US$555 million together with US$400 million in royalty and debt agreements with Franco-Nevada Corp. and a US$155 million purchased deal providing of subscription receipts.
This report by The Canadian Press was first printed Jan. 27, 2025.
Firms on this story: (TSX:DSV, TSX:NGT, TSX:FNV)
The Canadian Press
