Nordgold enters into letter agreement to sell 55.01% in Montagne d’Or project
31 August 2022
Nordgold Group («Nordgold» or the «Company»), the internationally diversified gold producer, announces that it has entered into a legally binding letter agreement with Orea Mining Corp. («Orea») (OREA: TSX) (OREAF: OTCQB) (3CG: FSE) to sell its 55.01% interest in the Montagne d’Or joint-venture company in French Guiana, France.
Under the terms of the letter agreement, CAN$100 million shall be payable by Orea to Nordgold on the six month anniversary of Montagne d’Or joint-venture company receiving all permits and authorizations necessary for mine construction which provides for production of at least 100,000 ounces of gold per year.
The letter agreement becomes effective with, and is subject to, the approval of all applicable sanctions authorities. Orea and Nordgold will complete a definitive agreement in due-course.
Nordgold is an internationally diversified one million ounce gold producer with over 8,000 people operating a portfolio of eight mines (in Burkina Faso, Guinea, Russia and Kazakhstan) and a number of development and exploration projects in West Africa, Eurasia and the Americas. Since its foundation in 2007, Nordgold has established a global reputation as a leading developer of tier one gold mining assets with a proven commitment to community engagement, sustainability, efficiency and operating in an environmentally responsible manner. Since 2013, Nordgold has successfully constructed three gold mines, including two in Burkina Faso (Bouly and Bissa) and most recently, the Gross mine in Russia.
Olga UlyevaHead of Corporate Communications