Alamos Gold has strategically expanded its presence in the Canadian mining industry by acquiring Argonaut Gold's Magino mine, which is located next to their Island Gold operation in Dubreuilville, Ontario.
This acquisition is expected to unlock significant value and create immediate and long-term synergies between the mines. By combining these two operations, Alamos Gold is projecting production of over 400,000 ounces of gold annually, and establish the Company as Canada's third-largest gold producer.
John A. McCluskey, President and Chief Executive Officer, stated that the two mines “complement each other well with large Mineral Reserve and Resource bases, long mine lives, and existing infrastructure that can support the bright future for the larger combined operation”. The two mining operations which sit across from each other on a four kilometre strike, currently have 11.5 million ounces of gold Reserves and Resources.
Expanding upon their existing connections with the local region, workforce, and Indigenous communities, Alamos is eager to continuing to foster these relationships and strengthen an ongoing collaborative economic future that benefits all partners. McCluskey emphasized that they look forward to working with the Indigenous communities and welcoming Argonaut's employees to their team.
Alamos has had a terrific track record when it comes to acquisitions and mergers, and they look forward to unlocking the full potential of the Magino operation, and leveraging the combined strength of the Island Gold deposit. McCluskey emphasized that “this is the future of long-life gold production in Canada."
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