Nordgold to sells 55.01% stake in Montagne d'Or for $77 mln

MOSCOW, Aug 31 (PRIME) -- Gold mining company Nordgold, controlled by Russian businessman Alexei Mordashov, has signed a legally binding agreement to sell its 55.01% stake in the Montagne d'Or joint venture in French Guiana to Orea Mining Corp., the company said in a statement on Wednesday.

Orea is to pay Canadian $100 million, or U.S. $77 million, to Nordgold after the joint venture receives all permits and authorizations for construction of a mine with the production capacity of at least 100,000 ounces of gold per year.

The agreement is subject to the approval of all applicable authorities, Nordgold said.

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