Toronto Gold Miner Agnico Eagle Sold Entire Stake in Orla Mining

The shares were purchased by buyers across Canada, the U.S. and other international markets.

SEATTLE (Scrap Monster): Agnico Eagle, a gold miner based in Toronto, declared that it has sold all of its 11.3% ownership in Orla Mining Ltd. for around C$561 million. Agnico's stake in Orla is terminated with the sale of 38 million shares at C$14.75 a share through the Toronto Stock Exchange (TSX). Buyers from Canada, the United States, and other foreign markets bought the shares.

The Musselwhite mine in Ontario and the Camino Rojo oxide mine in central Mexico are Orla's two producing properties. It predicts that 265,000–285,000 ounces of gold will be produced overall this year.

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Agnico Eagle is able to reallocate funds to further its internal growth pipeline, which includes the Odyssey underground extension at Canadian Malartic in Quebec, the Hope Bay project in Nunavut, and work at the Fosterville mine in Australia, thanks to the sale of its half-billion dollar Orla ownership. Furthermore, it will give the business flexibility for additional strategic opportunities.

Speaking about the deal, Agnico Eagle CEO Ammar Al-Joundi stated that the moment is perfect to monetise the investment because of the state of the gold market and Orla's standing as a reputable producer of intermediate gold. He noted that it also shows the company's dedication to prudent capital allocation.

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