Gatos Silver posts solid 2024, preps takeover by First Majestic
The deal will merge Gatos’ main Cerro Los Gatos mine with First Majestic’s San Dimas mine in Durango, and its Santa Elena operation in Sonora.
Shares in Paladin Energy Limited (ASX, TSX:PDN) fell over 5% in Australia after news broke one of the world’s largest gold producers Newmont Mining Corporation (NYSE:NEM) is selling its 5.4% stake in the uranium miner.
Newmont, which acquired an interest in the uranium after buying Fronteer Gold in 2011, said the sale will generate more than $24 million in cash for the company and is inline with its strategy to divest non-core assets.
At the time of acquisition the stake was valued at about $278 million, but Paladin’s share price was struck shortly after by the Fukushima nuclear disaster and has had a rocky time since then.
