2023-05-02 08:23:20 ET
Gold Fields ( NYSE: GFI ) and Osisko Mining ( OTCPK:OBNNF ) said Tuesday they agreed to form a 50/50 joint venture partnership to own and develop the Windfall gold project in Quebec.
Gold Fields ( GFI ) will pay ~C$300M (US$221.5M) on signing and an additional C$300M on issuance of key permits authorizing the construction and operation of the project by Quebec's environmental ministry.
Gold Fields ( GFI ) will fund the first C$75M in regional exploration over the first seven years of the partnership, after which exploration spending will be split 50-50.
Gold Fields ( GFI ) and Osisko ( OTCPK:OBNNF ) said they will share all pre-construction costs (provisional budget estimated at C$250M) and construction costs (feasibility capital expenditure estimated at C$789M) on a 50/50 basis going forward.
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Gold Fields, Osisko to jointly develop Canadian gold project