Canadian gold miner buys rival under $578M deal

Photo: Equinox

Market takeover Canada’s Equinox Gold has signed a deal to ac-quire Toronto-listed Leagold Mining Corporation under a deal valued at close to C$770 million (US$578 million).

The deal aims to create “one of the world’s top gold producing com-panies operating entirely in the Americas,” Equinox Gold said in a statement.

The combined entity is expected to report a gold production of some 700,000 oz in 2020, raising its annual production to 1 million oz in 2021, according to data included in the statement.

Equinox Gold says it produces gold from its Mesquite gold mine in California, its Aurizona gold mine in Brazil, and is currently construct-ing its Castle Mountain gold mine in California.

Leagold owns four operating gold mines in Mexico and Brazil, along with a Brazilian gold mine restart project in Brazil and an expansion project in Mexico.