Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Bear Creek Mining is raising C$30 million in a bought deal financing led by Stifel GMP. The net proceeds of the offering are expected to be used for ongoing development work at the company’s flagship Corani silver-lead-zinc project in southern Peru and for corporate purposes.
As part of the offering, the underwriters will purchase, on a bought deal basis, 10 million shares of the company at C$3 each, for aggregate proceeds of C$30 million. The underwriters also have the option to purchase up to an additional 1.5 million shares prior to the date that is 30 days after closing, for up to an additional C$4.5 million in gross proceeds.
Closing is expected around Jan. 15.
In November 2019, Bear Creek released an updated feasibility study for a potential 27,000 t/d open-pit operation, extracting ore from the Este, Minas and Main pits. The study envisioned a mine that would produce an average of 9.6 million oz. of silver, 98 million lb. of lead and 69 million lb. of zinc annually over a 15-year life. With life of mine all-in sustaining costs of $4.55 per oz. of silver produced and $579 million in initial capital, the associated project’s net present value estimate, at an 8% discount rate, comes in at $369 million, based on $18 per oz. silver, $1.1 per lb. zinc and $95¢ per lb. lead.
(This article first appeared in the Canadian Mining Journal)
