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A Gold Road to expansion?

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Gold Road Resources has responded to recent speculation it will soon acquire Canada’s Greenstone Gold Mines.

The company confirmed it is in the midst of a sale process conducted by US mining investment company Orion Resource Partners for the mines but said nothing is set in stone.

“This participation remains on going and Gold Road has not entered into any definitive acquisition agreements with respect to Greenstone Gold Mines,” Gold Road said in a statement on Monday.

The gold miner emphasised it will continue to evaluate strategic opportunities and will only pursue acquisitions if it is in the best interests of its shareholders.

Greenstone Gold Mines is currently held in a joint partnership between Canadian-based Equinox Gold, who owns 60 per cent, and Orion Mine Finance, who holds the remaining 40 per cent.

The Greenstone project has an expected mine life of 15 years, over which it has been tipped to produce over 400,000 ounces (oz) of gold per year. Production is anticipated to begin this year.

Should Gold Road decide to acquire the Greenstone project, it will significantly add to the company’s portfolio.

Gold Road currently owns 50 per cent of the Gruyere mine in Western Australia, a Tier-1 joint venture it shares with Gruyere Mining Company, a Gold Fields subsidiary that manages and operates the operation.

Gruyere boasts a 6.69-million-ounce mineral resource and a 10 year mine life. In 2023, the mine produced 321,978oz of gold.

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