https://www.northernontariobusiness.com/
Alamos Gold is proposing a friendly acquisition of Richmont Mines’ flagship Island Gold Mine in a $933-million all-stock deal. The Wawa-area mine is touted by Alamos as a high-grade, low-cost producer with plenty of upside to add ounces over the next few years.
“We’re adding a high-quality asset in a great jurisdiction,” said Alamos Gold president-CEO John McCluskey in a Sept. 11 conference calls with analysts. If the transaction is finalized this fall, he places Island Gold as a top-three operating asset that would propel Alamos among the top 10 North American gold miners, capable of producing more than 500,000 ounces a year.
“The addition of Island Gold elevates Alamos to a new level, solidifying its position as a leading intermediate gold producer,” said McCluskey in his remarks. Shareholder meetings at both companies to approve the transaction will take place in mid-November.