Agnico Eagle bids C$26m for explorer Alexandria
Gold miner Agnico Eagle has moved to consolidate its holding in the Val d'Or mining camp, Quebec, with a C$26-million offer for Toronto-based exploration company Alexandria Minerals.
The acquisition will allow Agnico Eagle to consolidate an additional 14 819 ha of mining claims that cover about 35 km of strike length along the Cadillac-Larder Lake. Three of Alexandria's properties – Orenada, Akasaba and Sleepy – collectively contain historical inferred mineral resources of 526 702 oz of gold and indicated mineral resources of 448 654 oz.
"Agnico Eagle has a long history of involvement with Alexandria, both as an equity investor and through the purchase of the Akasaba West property in 2014," Agnico Eagle senior VP for exploration Alain Blackburn said on Thursday.
"We believe that the key Alexandria properties are highly prospective and underexplored and could potentially provide future sources of ore at our nearby Goldex mine,” he added.
Alexandria's board had determined that the proposal constituted a “superior proposal” as defined in a May 2019 arrangement agreement between the explorer and Chantrell Ventures.
To enter into a definitive agreement, Alexandria would first have to terminate the Chantrell agreement and pay the termination fee of C$875 000.
Agnico Eagle currently owns 28.8-million Alexandria shares, representing 5.6% of the issued and outstanding shares of Alexandria.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation