Nord Gold SE announced that it has become the majority shareholder of Compagnie Minière Montagne d’Or (owner of the Montagne d’Or gold deposit in French Guiana) by obtaining 55.01% of its share capital, said Nordgold’s press-service. On September 14, 2017, the Company signed a Shareholder Agreement with Columbus Gold Corp. outlining the rights and obligations of each joint venture partner in respect of the management and development of Montagne d’Or project (“MDO”).
On the same day, Nordgold appointed its nominees to the Board of Directors of Compagnie Minière Montagne d’Or and the Company now holds three out of five board seats.
Robert Giustra, Chairman and CEO of Columbus Gold (the Montagne d’Or former majority owner) commented: “We are very pleased to have entered into the joint venture stage with a partner that recognizes the worldclass nature of the Montagne d’Or gold deposit. We look forward to developing Montagne d’Or with one of the world’s fastest growing gold mining companies to create long lasting benefits for our many stakeholders.”
In September 2013, Nordgold was granted an option by Columbus Gold Corp. to earn 50.01% of the Project by completing a feasibility study no later than Q1 2017 and by spending at least US$30 million in development of the project. In January 2016, Nordgold acquired an additional 5% interest in the Project. In Q2 2016, Nordgold met the minimum spending requirement. In Q1 2017, Nordgold delivered a positive Bankable Feasibility Study respecting the deadline. Nordgold is operator of the project.
The Montagne d’Or gold deposit is located in north-west French Guiana, 180 km west of the capital, Cayenne, and 80 km south of the department capital, Saint-Laurent-du-Maroni. Montagne d’Or is an open-pit, multi-million ounce gold deposit, with excellent metallurgy. It is located in the stable western democracy of French Guiana, an overseas region of France.
Nordgold is an internationally diversified gold producer established in 2007. In 2016, Nordgold produced 869 koz of gold. Nordgold operates 9 mines (4 in Russia, 3 in Burkina Faso and one each in Guinea and Kazakhstan). It has one project in construction phase (Gross in Russia), several prospective projects in feasibility study, advanced exploration phase and a diverse portfolio of early-stage exploration projects and licences in Burkina Faso, Russia, French Guiana and Canada.