Eldorado Gold closes acquisition of Integra Gold for $457m
Canadian company Eldorado Gold has completed the acquisition of Integra Gold in a deal worth C$590m ($457m).
The arrangement was reached in May, having been approved by Integra’s shareholders and the Supreme Court of British Columbia.
Under the deal, Eldorado will offer Integra shareholders around C$129m ($100m) in cash and 77 million common shares.
Eldorado Gold president and CEO George Burns said: "Eldorado is looking forward to expanding our growing business to Canada.
“Our experience in building and operating mines, combined with the experience from our new team in Quebec, will enhance our long-term growth profile and value proposition for all stakeholders."
Eldorado and Integra shareholders will own the combined company on 90:10 basis.
Integra will now operate as a wholly owned subsidiary of Eldorado and brings the Lamaque project to the latter’s portfolio.
Located near Val-d'Or, Quebec, Lamaque hosts an NI 43-101 indicated resource of 5.1 million tonnes at a grade of 9.13g/t of gold, in addition to an inferred resource of 3.5 million tonnes at a grade of 7.94g/t gold.
As per the findings of a preliminary economic assessment, the project is estimated to produce 123,000oz of gold per annum.
Eldorado has mining, development and exploration operations in Turkey, Greece, Romania, Serbia and Brazil.