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
- The tale of two KegsKelowna - 5:00 am
- Girl carried off into bushesBC - 6:47 am
- Top crash sitesCentral Okanagan - 7:06 am
- Pulp mill owner to pay large fineBC
|QHR Technologies Inc||1.22||-0.04|
|Anavex Life Sciences||0.1804||-0.0036|
|Copper Mountain Mining||2.29||-0.13|
|Sunrise Resources Ltd||0.065||+0.045|
|Mission Ready Services||0.31||-0.01|
Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...
Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...
Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...