Homestake Mining (NYSE) will acquire a piece of Orion Resources from Ranger Minerals.
The U.S.-based mining giant will buy 5.5 million shares in the Perth-based producer for US$10.4 million and acquire another 5 million shares. As a result, Homestake will own about 15% of Orion.
Orion’s principal assets include a 45% interest in the Yilgarn Star gold mine in Western Australia’s Southern Cross greenstone belt, as well as several exploration projects in the same region, and a 49% stake in the Salsigne gold mine in France.
Orion’s share of the Yilgarn Star is equivalent to 600,000 oz. gold; its share of the Salsigne is 740,000 oz.
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