Friday, April 17th16.8°C
25936
25686

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

25538


Recent Trending




Today's Market
S&P TSX15360.55-26.22
S&P CDNX702.85-2.74
DJIA17826.30-279.47
Nasdaq4931.81-75.98
S&P 5002081.18-23.81
CDN Dollar0.8169-0.0001
Gold1204.10+6.10
Oil56.14-0.57
Lumber245.50-9.80
Natural Gas2.641-0.043

 
Okanagan Companies
Pacific Safety0.12+0.00
Knighthawk0.010.00
QHR Technologies Inc1.40-0.01
Cantex0.035+0.005
Anavex Life Sciences0.33+0.02
Metalex Ventures0.075+0.030
Russel Metals27.48-0.23
Copper Mountain Mining1.13+0.01
Colorado Resources0.10-0.00
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation1.80+0.15

 





FEATURED Property
2219065870 Graham Road
3 bedrooms 2 baths
$384,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25633

25221


Member of BC Press Council


25541