Wheaton has committed to acquire 19.5% of payable gold production from the Koné mine, until 400,000 ounces delivery, for a total upfront cash consideration of $625 million. The sum will be paid in four equal instalments during construction. Wheaton will then reduce the amount of gold to be purchased to 10.8% until 130 additional Koz, then 5.4% for the mine’s life.
Additionally, the company is providing Montage a $75 million secured debt facility for project costs.
“With essential permits in place coupled with its impressive scale, we believe the Koné Project stands out as one of the premier gold assets in Africa,” Wheaton Precious Metals chief executive officer Randy Smallwood said in a separate statement.
“Supported by strong shareholder backing from the Lundin Group and Zijin Mining, the Koné project is expected to significantly boost Wheaton’s near-term annual gold production and further…
