The transaction has already received the approval of the French Treasury (DG Trésor) and the UK Treasury. Credit: István Mihály from Pixabay.

Canada-based Orea Mining has agreed to purchase Russian gold miner Nordgold’s 55.01% stake in the Montagne d’Or joint venture (JV).  

The JV owns a 100% stake in the Montagne d’Or open-pit gold mine development project in French Guiana.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

As per the terms of the definitive agreement, the JV has settled €24.6m that was owed to the Russian mining firm. This results in no cash outlay by Orea Mining. 

Orea Mining is expected to pay C$100m ($74m) to Nordgold once the former has secured all permits and authorisations required for the development, operation, production and related sales of the mine.

In a press statement, Orea Mining said: “If Nordgold’s shareholders are still under sanctions at the time of the C$100m payment, then the funds will only be processed in compliance with applicable sanction regulations, including being paid to a blocked bank account.”

See Also:

Orea Mining expects the transaction to close by 28 February 2023 following final regulatory and administrative steps. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The transaction has already received the nod of the French treasury (DG Trésor) and the UK treasury (OFSI). 

As per estimates, the Montagne d’Or project holds measured mineral resources of 10.3Mt at 1.804g/t gold (600,000oz). 

It has estimated indicated mineral resources of 74.8Mt at 1.350g/t gold (3.25Moz) and additional inferred mineral resources of 20.2Mt at 1.48g/t gold (960,000oz).

The project is currently in the permitting phase.