Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Canadian gold exploration and development company Columbus Gold (TSX:CGT) plans to buy up to a 70% interest in IAMGOLD’s (TSX:IMG) the Maripa project, located in French Guiana.
The project is made up of five contiguous exploration permits and has a historic gold production of around 40,000 ounces of gold, mined between 1985 and 1996.
“With mine permitting well underway at the Montagne d’Or gold deposit, the timing was right for this deal on Maripa,” Robert Giustra, Chairman of Columbus Gold, said in the statement.
Maripa is located in eastern French Guiana, 50 km south of the capital city of Cayenne, has the potential to host a significant gold deposit, and unlike many other gold projects in the Guiana Shield, it is located in an area of easy access with a national highway running through most of the project.
Columbus already has a project in French Guiana, the Montagne d’Or Gold Deposit, set to produce around 237,000 ounces of gold per year.
