Explorations and Machinery

Fortuna to build on Roxgold’s solid West Africa foundation

Fortuna to build on Roxgold’s solid West Africa foundation
Mining News Pro - Canadian miners Fortuna Silver Mines and Roxgold have successfully completed their business combination, creating a global intermediate gold and silver with four operating mines and a permitted development project.
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Commenting on its acquisition of Roxgold, Fortuna CEO Jorge Ganoza said on Friday that the company would benefit from a robust exploration pipeline and expanded presence in the Americas and West Africa - two of the fastest growing precious metals producing regions in the world.

“We look forward to a successful integration and to continue building the business in West Africa on the solid foundations cemented by Roxgold.”

The companies previously said that the enlarged organisation would produce about 450 000 gold-equivalent ounces at an all-in sustaining cost of about $950 per gold-equivalent ounce.

The transaction was completed by way of a court-approved plan of arrangement. Fortuna acquired all the issued and outstanding common shares of Roxgold in exchange for 0.283 of a common share of Fortuna and C$0.001 in cash for each Roxgold share held.

Roxgold is now a wholly-owned subsidiary of Fortuna.

Roxgold shareholders approved the transaction at a special shareholder meeting on June 28, and Fortuna shareholders approved the issuance of shares on the same day.

British Columbia Supreme Court granted a final order on June 30, approving the arrangement.

Kate Harcourt, a member of the board of directors of Roxgold, was appointed to the board of directors of Fortuna.


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