https://www.miningweekly.com

Agnico Eagle takes a 17.4% stake in Belo Sun

Drilling at Volta Grande, Brazil.

Drilling at Volta Grande, Brazil.

Photo by Belo Sun

22nd May 2015

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Canadian gold miner Agnico Eagle has acquired a 17.4% stake in Belo Sun Mining, which is developing the Volta Grande project in Para state, Brazil.

Belo Sun on Thursday issued 62.5-million common shares to Agnico Eagle at C$0.24 apiece, for proceeds of C$15-million.

Agnico Eagle gained the right to participate in certain future equity offerings by Belo Sun in order to maintain its pro rata investment and to nominate one person to the board of directors of the company, provided that Agnico Eagle continued to hold no less than 10% of the issued and outstanding common shares of Belo Sun on a nondiluted basis.

Should Belo Sun’s board increase to ten or more directors, Agnico Eagle would have the right to appoint a second director.

The Volta Grande, or Big Bend, openpit project was located in one of the most active mining states in the country and would become Brazil's largest gold mine when it starts production next year.

Belo Sun in March completed a feasibility study highlighting a straightforward openpit mine, with an estimated average output of 205 000 oz/y of gold over 17 years, with all-in sustaining costs of $779/oz.

The project was located next to the controversial Belo Monte project, which was designed to become the world's third-largest hydroelectric dam and which had been the target of lawsuits by prosecutors.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.184 0.219s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: