Orla Mining Completes Purchase of Musselwhite Gold Mine From Newmont

Orla Mining (ORLA) said Monday it has completed the purchase of Musselwhite Gold Mine in Ontario, Canada, from Newmont (NEM) for $810 million in cash, with an additional $40 million contingent consideration tied to gold prices. The $810 million upfront payment was financed through a combination of debt, gold prepayment, new convertible notes, and available cash, the company said. Separately, Newmont said it has also completed the sale of its Eleonore operation in Canada and Cripple Creek & Victor operation in Colorado, and that it has received $1.7 billion in total after-tax cash proceeds from the sale of the three assets. Shares of Orla Mining and Newmont were up more than 2% and 1%, respectively, in recent Monday trading. Price: 7.19, Change: +0.18, Percent Change: +2.50