Orea in talks to buy out sanctioned partner in Montage d’Or JV
TSX-listed Orea Mining is pursuing a potential transaction to own 100% of the five-million-ounce Montage d’Or gold deposit in French Guiana, announcing on Thursday that it has initiated negotiations with Nordgold to obtain its 55.02% interest in the joint venture (JV).
Owning the Montagne d’Or gold deposit outright is an “immense opportunity” for the company, Orea said on Thursday, stating that it would prioritise its financing resources to obtain that objective.
Orea is pursuing a private placement of up to $1-million, which is under way, cutting its costs with overhead reductions and will terminate the Maripa project option and acquisition agreement.
The Maripa option agreement is with Iamgold and would have allowed Orea to acquire up to a 70% interest in the gold project, which is also located in French Guiana.
US sanctions on Nordgold have placed in doubt its ability to carry out responsibilities as operator of the JV, Orea previously cautioned, and it had until July 1 to wind down its JV dealings with Nordgold. The US Department of Treasury, Office of Foreign Assets Control, has now extended that deadline to August 31.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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