Paladin Energy aims to crack uranium big league with Canadian takeover
Paladin would churn out 10% of global uranium output after combining production of its Namibian mine with Fission’s Canadian project.
Lake Shore Gold, an aspiring Canadian mid-tier gold producer, has joined forces with Franco-Nevada Corporation in a $50 million royalty and equity agreement. Both companies are listed on the Toronto and New York exchanges.
In a news release today, Lake Shore said Franco-Nevada will pay $35 million for a 2.2% net smelter royalty from the sale of minerals from its Timmins West Complex in Ontario, Canada. Franco-Nevada is also spending $15 million to acquire 10.05 million Lake Shore common shares at $1.49 per share. The price is a 5% premium on the 10-day weighted average price.
The deal is expected to close at the end of February.
Lake Shore Gold says the investment will go towards growing production at its mines, and completing a mill expansion to 3,000 tonnes per day. The company is in commercial production at the Timmins Mine, has commenced pre-production development at the adjacent Thunder Creek deposit, and is advancing an underground advanced exploration program at its Bell Creek Mine.
