International news within the industry of mining and metal, Nov, 24 2017
Latest News

Alamos to acquire Richmont for US$770 million

Photo: Alamos Gold
Photo: Alamos Gold
Published by
Simon Matthis - 13 Sep 2017

Alamos Gold and Richmond mines announce that they have entered into a definitive agreement whereby Alamos will acquire all of the issued and outstanding shares of Richmont.

This implies a total equity value of approximately US$770 million on a fully diluted in-the-money basis and an enterprise value of US$683 million.

Concurrent with the announcement of the Transaction, Richmont announced the sale of the Beaufor Mine, the Camflo Mill and the Wasamac development project located in Quebec.  

The acquisitiion includes the Island Gold project, a long-life, high-grade underground mine with growing production and first quartile cash costs, located in Ontario, Canada.

With this acquisition Alamos Gold solidifies its position as a leading intermediate gold producer. The combined entity is expected to have diversified gold production of over 500,000 ounces in 2017, anchored by three core, low-cost, long-life operations in Canada and Mexico.

John McCluskey, President and CEO of Alamos, stated: "Our combination with Richmont reflects our core strategy of creating long term value through operating high quality assets. The Island Gold Mine is a high quality asset in every respect. We see excellent potential for reserve and production growth from one of the highest grade, lowest cost gold mines in Canada. With this production base, growth, and balance sheet strength, Alamos will be the leading intermediate producer and presents a compelling revaluation opportunity for both Alamos and Richmont shareholders."

Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Young-Davidson mine in northern Ontario, Canada and the Mulatos and El Chanate mines in Sonora State, Mexico.

Hazelton samples. Hazelton -formally Price Creek-, Jaxons flagship project, spans 44,482 ha and is prospective for Eskay Creek and Equity Silver style mineralization. Widespread soil anomalies and surface showings up to 3,397 g-t Ag, 12.7 g-t Au, and 22.29% Zn have been found on this advanced exploration project and a number of features suggest that the property has considerable potential.  Photo: Jaxons Inc.
Hazelton samples. Hazelton -formally Price Creek-, Jaxons flagship project, spans 44,482 ha and is prospective for Eskay Creek and Equity Silver style mineralization. Widespread soil anomalies and surface showings up to 3,397 g-t Ag, 12.7 g-t Au, and 22.29% Zn have been found on this advanced exploration project and a number of features suggest that the property has considerable potential. Photo: Jaxons Inc.

Jaxon starts to drill at Hazelton in Canada

"13 drill holes"

Jaxon Inc. is pleased to announce that it will be commencing its Phase 1, 2,000-metre diamond drilli...