Nordgold raises stake in Northquest

摘要

As Canadian mining companies look inward, licking their wounds from the prolonged rout in commodity markets, a Russian gold producer with nine operating mines and heaps of cash has exercised warrants above market price to take a majority stake in a Canadian junior with a high-grade gold project in Nunavut. Nordgold (LSE: NORD) increased its stake in Northquest (TSXV: NQ) to 52.3% from 42.9% in late November, writing a cheque for $5 million (US$3.8 million) that will cover all of the junior's exploration costs next year at its Pistol Bay project, 80 km south of Agnico Eagle Mines' (TSX-.AEM; NYSE: AEM) high-grade Meliadine project.