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.