Fresnillo is making a move into Canada after agreeing to buy explorer Probe Gold.
The Mexico-based FTSE mining giant will purchase Probe for £423.7m in a deal that includes access to its Val-d’Or mining camp and Novador Gold project, both in Quebec.
It plans to pay a 24 per cent premium to Probe’s 30-day average price on the Toronto stock market and expects to complete the deal in the first quarter of next year.
Deal: Fresnillo is making a move into Canada after agreeing to buy explorer Probe Gold
The takeover means that Fresnillo will broaden its horizons beyond Mexico, where it operates several of Latin America’s largest silver and gold mines.
Shares closed 1.2 per cent, or 26p, down at 2222p yesterday, but they have this year soared more than 240 per cent.
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