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Osisko Mining will be acquired by Gold Fields

Saturday, August 31, 2024 18:08

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Who follows the gold mining sector cannot have missed following headline: GOLD FIELDS TO ACQUIRE OSISKO MINING FOR C$2.16 BILLION.

How and why did it come to this? Had Osisko not been taken over before?

Osisko 2.0

Yes indeed, Osisko Mining had been taken over by Agnico Eagle and Yamana gold in June 2014. Osisko Mining had been developing the Canadian Malartic Mine, a large open pit operation.

At the take-over; excess working capital of Osisko Mining was transferred to a new Royalty and Exploration company: Osisko Royalties (which is still quoting on TSX).

John Burzynski had been awarded the 2007 ‘Geologist of the year’ for the development of Canadian Malartic.

Osisko Royalties, led by John Burzynski, soon started investing in exploration during the difficult days of the 2015 gold bear market. How this was carried through has been described in an earlier posting:

Oban Mining to become Osisko 2.0

It lists the exploration successes of Osisko 2.0 especially those at Windfall Lake (resulting from the acquisition of Eagle Hill).

Unlike Canadian Malartic, Windfall lake is a high grade underground deposit.

50/50 Joint venture with Gold Fields

In 2023 Osisko Mining agreed to a 50/50 joint venture with Gold Fields. The South African miner was going to earn its share investing in the mine construction. The joint venture proved the high potential of the Windfall Lake development project. It also kept potential other acquirers at bay.

In this video of 2023, John Burzynski talks about the JV project.

Source: https://gwyde.blogspot.com/2024/08/osisko-mining-will-be-acquired-by-gold.html

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