Orea cleared to buy out Russian partner in Montagne d’Or JV
Vancouver-headquartered Orea Mining has obtained approval from the French government to buy Russian group Nord Gold’s 55.01% interest in the Montagne d’Or joint venture (JV) company in French Guiana.
Orea will only pay Nordgold C$100-million for the JV share when it receives all permits and authorisations necessary for the construction, operation, production and related sales of a mine that produces at least 100 000 oz/y of gold.
If Nordgold’s shareholders are still under sanctions at the time of the C$100-million payment, then the funds will be processed in compliance with applicable sanction regulations, including being paid to a blocked bank account.
Montagne d’Or is a permitting stage, five-million-ounce openpit gold mine development project.
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