THUNDER BAY — Northwestern Ontario's Musselwhite gold mine is coming under new ownership.
Orla Mining Ltd., a Canadian company headquartered in Vancouver, has reached an agreement to acquire the mine from US-based Newmont Corporation for up to $850 million.
The mine is a fly-in, fly-out operation located about 500 kilometres north of Thunder Bay, and has "robust reserves and resources as well as significant exploration potential," Orla said in an announcement Monday.
The company currently operates a gold mine in Mexico, and is developing another mine in Nevada.
Orla said there will be no job losses at Musselwhite as a result of the takeover, and that the existing team will continue to run the operation.
It said the transaction will help ensure the mine remains "one of the best gold mines in Canada" for years to come.
The company plans to extend Musselwhite's life span and said it will work together with First Nations partners in a spirit of trust and transparency.
The transaction is expected to be completed in the first quarter of 2025.
Musselwhite has been in operation for about 28 years, and has produced almost six million ounces of gold to date.
It provides work for about 1,000 employees and contractors.
Jason Simpson, Orla's president and CEO, said "This acquisition is a significant milestone for Orla Mining. It more than doubles our annual production while providing us with a presence in Ontario...one of the premier mining jurisdictions in the world."
