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.
Read more Business News
- Teachers disheartenedKelowna
- Dogs attacked with weaponKelowna
- Dog handler recounts chaseWest Kelowna
- Man hospitalized after assaultKelowna
|QHR Technologies Inc||1.32||+0.07|
|Anavex Life Sciences||0.2261||-0.01|
|Copper Mountain Mining||2.68||-0.05|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.30||+0.01|
There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...
Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...
Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...