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Equinox Gold to Acquire Orla Mining to Create $18.5 Billion Gold Producer
The combined company is expected to produce about 1.1 million ounces of gold a year and become Canada’s second-largest gold producer.
- On Wednesday, Equinox Gold Corp. announced an all-stock deal to acquire Orla Mining Ltd., creating a major North American gold producer worth about US$18.5 billion.
- The merger creates Canada's second-largest gold producer with operations across four countries—Canada, the United States, Mexico, and Nicaragua—expected to produce about 1.1 million ounces of gold this year.
- Valued at about $7.02 billion, the deal splits ownership with Equinox shareholders holding about 67 per cent and former Orla shareholders owning about 33 per cent of the combined company.
- CEO Darren Hall will lead the combined company as chief executive, while CEO Jason Simpson will transition to serve as president of the new entity.
- Amid a record rally in gold prices bolstering miners' cash flows, Simpson said the combined entity would have "the production base, the balance sheet, and the team to compete" otherwise unattainable alone.
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Companies claim that the merger has to do with speed, elevating the combined miner, Equinox Gold, to a level of production practically from night to day.
·Brazil
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Equinox Gold Agrees to Buy Orla Mining in $5.1 Billion Deal
Equinox Gold Corp. agreed to acquire Orla Mining Ltd. in a cash-and-stock deal valuing the Canadian miner at about $5.1 billion, the latest in a wave of mining deals as producers seek to grow output after a massive price rally in bullion over the past year.
·United States
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Equinox Gold to acquire Orla Mining in mostly stock deal, creating $18.5B gold producer (EQX:NYSE)
Equinox Gold to acquire Orla Mining, creating a North American senior gold producer with ~1.1M oz of expected annual gold production and an $18.5B implied market capitalization.
·United States
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Total News Sources32
Leaning Left8Leaning Right3Center6Last UpdatedBias Distribution47% Left
Bias Distribution
- 47% of the sources lean Left
47% Left
L 47%
C 35%
R 18%
Factuality
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