- Orea Mining ( OTCQB:OREAF ) said Wednesday it would acquire Nordgold's 55.01% interest in the Montagne d'Or joint-venture company (HoldingCo) in French Guiana, France.
- Under terms, HoldingCo settled 24.6 million euros (~C$35.6 million) that was owed to Nordgold with no cash outlays by Orea.
- Orea said it has appointed its own president to operate the HoldingCo, and has dissolved HoldingCo's board of directors which previously included representatives from Nordgold.
- The final regulatory and administrative steps to close by transferring Nordgold's shares of HoldingCo to Orea are underway, and must be completed by February 28, the company said.
- The HoldingCo owns 100% of the Montagne d'Or permitting stage, 5-million-ounce open pit gold mine development project.
- Orea also announced that Andrew Yau has agreed to resign as executive vice president & CFO, but will remain with Orea until March 15, 2023.
For further details see:
Orea to buy Nordgold's stake in Montagne d'Or JV company