Wednesday, July 23rd16°C
21452
22372

Rio Alto Mining and Sulliden Gold plan to merge to create new gold producer

TORONTO - Rio Alto Mining Ltd. (TSX:RIO) and Sulliden Gold Corp. Ltd. say they plan to merge to create a new mid-tier gold producer with operations focused in Peru.

The mining companies say the value of the transaction is about $300 million and combining the two companies will result in near-term production potential of about 300,000 ounces of gold per year.

The merger would combine Rio Alto's La Arena gold oxide mine and adjoining sulphide copper-gold deposit in Peru with Sulliden's Shahuindo gold development project located in Cajabamba in the northern part of that country.

"This transaction represents a logical combination for Rio Alto given the complementary nature and proximity of our respective operations," Rio Alta president and CEO Alex Black said in a news release on Wednesday.

The merger between Rio Alta and Sulliden Gold (TSX:SUE) is expected to close this summer.

The Canadian Press


Read more Business News

22557


Recent Trending




Today's Market
S&P TSX15394.38+79.25
S&P CDNX1012.231.35
DJIA17086.63-26.91
Nasdaq4473.697+17.681
S&P 5001987.01+3.48
CDN Dollar0.9312-0.0012
Gold1313.40+4.2001
Oil104.30-0.29
Lumber332.40-0.90
Natural Gas3.765+0.003

 
Okanagan Companies
Pacific Safety0.200.00
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.04
Cantex0.08+0.02
Anavex Life Sciences0.325-0.005
Metalex Ventures0.07+0.005
Russel Metals35.65+0.05
Copper Mountain Mining2.76-0.07
Colorado Resources0.2150.00
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.19+0.01

 



21269

FEATURED Property
20194013357 McQueen rd
6 bedrooms 5 baths
$620,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...


Euro debt woes re-emerge

Big Picture Euro debt woes re-emerge Europe’s debt woes jumped back into the headlines this week trumping other economic, geopolitical and corporate developments. Word that one of Portugal&rsquo...

_








Member of BC Press Council


22581