C53.3mn all-share deal ends NovaGold-Copper Canyon takeover battle

The news of Glencore and Rio’s discussions “has turned up the temperature on an already simmering M&A environment,” RBC Capital Markets analyst says.

The Johnson Camp mine is under construction, with first copper production expected in mid-2025.

Agnico, the second-largest gold miner by stock market value, agreed to acquire O3 last month for about C$204 million.

The Toronto-headquartered company now expects production of 380,000–440,000 tonnes copper this year, down from earlier estimates of 400,000–450,000 tonnes.