Kinross to purchase Nice Bear for $1.42 billion

The deal represents a premium of 26.5% to Nice Bear’s final shut on Wednesday.

Nice Bear Dixie challenge in northwestern Ontario is taken into account one of the essential Canadian gold discoveries in trendy historical past.

The property consists of 9,140 hectares of contiguous claims extending over 22 kilometers. The challenge is accessible year-round by freeway and is near important infrastructure, together with paved roads, electrical energy and a pure gasoline pipeline supplied by the city of Crimson Lake, about 25 km to the northwest.

To this point, Nice Bear has accomplished greater than 340,000 meters of drilling in 794 drill holes and has recognized 5 high-grade gold discoveries.

Learn extra: Nice Bear’s Dixie challenge poised to make magic occur

“The Dixie challenge represents an thrilling alternative to develop a doubtlessly top-tier deposit into a big, long-life mine advanced,” Kinross Chief Govt Officer Paul Rollinson mentioned.

“Dixie’s closest geological analog, the big Hemlo gold mine, was traditionally operated by three separate corporations previous to its consolidation and has produced over 20 million ounces of gold in additional than 30 steady years of operation. Nice Bear shareholders will now be in a novel place to profit from the potential of the top-tier Dixie challenge below one firm and can keep robust publicity to the challenge by means of their Kinross shares,” mentioned Nice Bear CEO Chris Taylor.

Nice Bear’s inventory rose 4% Wednesday afternoon, taking the corporate’s market capitalization to C$1.32 billion ($1.04 billion).

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Written by colin


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