“The addition of Magino will make Alamos a stronger company and enhance our unique position as a growing intermediate producer, with declining costs, and one of the lowest political risk profiles in the sector,” Alamos CEO John McCluskey said during a webcast.
“With respect to our whole phase three expansion and some of the aspects of going into that, the fact that we were just about to practically rebuild a new mill. We just don’t have to do that now,” McCluskey said. “There were costs that we were going to incur this year on the tailings lift for our existing tailings facility, about $20 million in costs. That’s just something we don’t have to do at this point.”
The acquisition gives Alamos a fourth long-life producing asset in addition to its two mines in Ontario – Young-Davidson and Island – and Mulatos in Mexico. It has the Lynn Lake development project in Manitoba, which received federal environmental…
