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.
US-focused gold miner i-80 Gold Corp. (TSX: IAU) has been approved to start trading on the New York Stock Exchange on May 19, as part of the company’s efforts to increase its exposure to a larger, more diverse pool of investors.
A relatively new company born from Equinox Gold’s (TSX, NYSE: EQX) acquisition of Premier, i-80 will keep its listing in the Toronto Stock Exchange, chief executive Ewan Downie said in the statement.
“i-80 produces 100% of its gold in the United States, and we believe that this listing will increase awareness and liquidity as we focus on delivering exceptional value to shareholders,” Downie noted.
The miner’s goal is to become a mid-tier gold producer by developing four new operations that will ultimately process ore at i-80’s Lone Tree asset, which it acquired from with Nevada Gold Mines last year.
Last month, i-80 announced the closure of a $135 million financing package to advance the Nevada gold complex.
The company’s projects are all located on the state’s Battle Mountain and Carlin trends. After Nevada Gold Mines, i-80 is currently the largest holder of gold resources in central Nevada, with over 263 million measured and indicated tonnes averaging 0.76 g/t gold and 12.33 g/t silver, for 6.46 million ounces of gold and 104.3 million silver ounces.
