Santacruz Silver Mining reports fatality at Tres Amigos mine in Bolivia
Tres Amigos mine, a part of the Caballo Blanco Group of mines, has resumed operations after it was shut down following the incident.
Shares in Canada’s Osisko Gold Royalties (TSX, NYSE:OR) jumped Monday following the company’s decision to buy a precious metals portfolio from US private equity firm Orion Mine Finance Group for Cdn$1.13 billion (about $834 million).
The portfolio consists of 74 royalties, streams and precious metal offtakes, and its acquisition will result in Osisko holding a total of 131 royalties and streams, including 16 revenue-generating assets, the company said in a statement.
Among the 74 assets Osisko is buying is the Renard diamond stream, which entitles it to 9.6% of production from the new Quebec mine.
Osisko’s stoke was trading up 9.7% to Cdn$15.80 in Toronto and almost 9.9% higher in New York to $11.72 at around 11:15 ET on the news of the acquisition, which will help the company expand its diamond, gold and silver asset base.
Osisko, created in June 2014 following the acquisition of Osisko Mining by Agnico Eagle Mines and Yamana Gold, said it will pay Orion $675-million in cash and the remaining $450-million in company shares for the assets.
The transaction gives the Canadian company a 9.6% diamond stream on the Renard diamond mine and a 4% gold and silver stream on the Brucejack gold and silver mine, both in Canada, in addition to a 100% silver stream on the Mantos Blancos copper mine in Chile.
But its flagship assets continue to be the 5% net-smelter-return royalty on the Malartic mine, described as Canada’s largest producing gold mine, and its 2% to 3.5% NSR royalty on the Éléonore gold mine.
Osisko is a royalty company, which means that it seeks agreements giving it the right to a share of income from mines operated by other companies.
