Mako Mining has agreed to acquire the Moss gold mine in Arizona from EG Acquisition, a company controlled by Mako's controlling shareholder. The acquisition comes after the successful elimination of over $60 million in liabilities associated with the mine.
Mako Mining has agreed to acquire the Moss gold mine in the Oatman district in Arizona , USA, from EG Acquisition, a private corporation controlled by Mako's controlling shareholder, Wexford Capital, for US$4.9-6.4 million, depending on whether certain royalties are extinguished.EG is acquiring Moss through its acquisition of Golden Vertex under a court-approved sale process under the Canadian Companies' Creditors Arrangement Act and Chapter 15 of Title 11 of the US Bankruptcy Code.
The bankruptcy process has eliminated more than $60 million of liabilities associated with the Moss mine. The transaction is expected to close by February 2025.Northern Vertex declared commercial production at Moss in September 2018. Subsequently, in February 2021, it merged with Eclipse Gold Mining and changed its name to Elevation Gold Mining. The Supreme Court of British Columbia granted bankruptcy protection to Elevation Gold, Eclipse Gold Mining and Golden Vertex in August 2024, and the US Bankruptcy Court recognised it in September 2024. Moss is an open pit heap leach operation that produced an average of about 30,000ozpa of gold and 227,000ozpa of silver between 2019 and 023. It has continued to produce gold throughout the bankruptcy process through its beneficiation facilities, although mining was suspended. Mako plans to restart mining once the mine plan has been optimised and the debottlenecking of the crushing plant has been undertaken. Moss hosts a 2021 reserve of 12.7Mt grading 0.45gpt gold and 5.4gpt silver for 184,500oz of gold and 2.2Moz of silver, and resources of 490,200oz of gold and 5.75Moz of silver. Leach pad recoveries range between 75-77% for gold and 40-43% for silver
Mining Acquisition Gold Mine Arizona Bankruptcy
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