NEW YORK (AP) â¿¿ Shares of AuRico Gold surged more than 17 percent on Wednesday, as the Canadian gold mining company announced that it is selling the Ocampo mine, adjacent exploration projects and half of the Orion development project for $750 million.
AuRico said Tuesday that the deal with Mexican mining company Minera Frisco, S.A.B. de C.V. includes the Venus and Los Jarros exploration projects, which are adjacent to the Ocampo mine in Chihuahua State, in the northern part of Mexico. The Orion project is in Nayarit State, Mexico in the western part of the country.
AuRico Gold Inc. expects to use the deal's net proceeds to pay off some debt, make investments and provide working capital and liquidity.
The transaction is expected to close in December, pending review by Mexican antitrust authorities.AuRico shares rose $1.13, or 17.6 percent, to $7.55 in midday trading. Over the past year, the stock has traded between $5.25 and $11.20.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV