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Gold Road withdraws from Greenstone transaction process

23rd April 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Australian mining company Gold Road Resources has announced its decision to discontinue its involvement in a transaction process led by Orion Resources Partners concerning a potential investment in Greenstone Gold Mines, situated in Canada.

The company last week confirmed media reports that it was participating in a sales process initiated by Orion for Greenstone Gold Mines.

Gold Road, led by MD and CEO Duncan Gibbs, emphasised its commitment to assessing strategic opportunities as part of a considered and diligent growth strategy.

The company stated that it remained dedicated to pursuing opportunities that aligned with the best interests of shareholders.

A report in The Australian speculated Orion was seeking a $1-billion-plus valuation for Greenstone.

Greenstone is a 60:40 partnership between Equinox Gold and Orion. The mine, which is set to start production next month, is anticipated to yield about 400 000 oz/y.

Edited by Creamer Media Reporter

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