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Silvercorp walks away from Guyana Goldfields

Thursday, June 11th, 2020

Canadian precious metals miner Silvercorp has elected not to exercise its right to match an offer for gold miner Guyana Goldfields.

Guyana Goldfields, which owns the soon-to-be-idled Aurora underground gold project, in Guyana, has received quite a bid of interest from potential suitors. Last week, it revealed an offer from a foreign-based multinational that is 35% higher than Silvercorp’s offer.Silvercorp’s latest offer that valued Guyana Goldfields at C$227-million was already an improvement from its first-announced C$105-million deal, which, at the time, was sufficient to get TSX-listed Gran Colombia Gold out of the race.

In February, Guyana Goldfields hired an adviser for a review of strategic and financing alternatives, having encountered several setbacks at the Aurora project. The miner will place its Aurora operations on care and maintenance at the end of the month.

https://www.miningweekly.com/article/silvercorp-walks-away-from-guyana-goldfields-2020-06-11
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