Sandstorm Gold announces that it has closed its purchase of Mariana Resources Limited, and that Mariana has become a wholly owned subsidiary of Sandstorm.
The total consideration paid was approximately US$175 million.
Following the acquisition, Sandstorm will have access to Mariana’s Hot Maden anchor asset in Turkey, which is set to increase its gold equivalent ounces to more than 135, 000oz by 2022, as well as operating cash flow to more than $100m.
Sandstorm’s President & CEO, Nolan Watson remarked, “Today is an exciting day for Sandstorm shareholders as this deal is truly transformative for the Company. Hot Maden is one of the highest grade undeveloped projects in the world and will add high-margin ounces to Sandstorm’s production profile. Opportunities to acquire anchor assets like Hot Maden are rare and with the exploration potential that we see on the property, we anticipate that our 30% interest will continue to grow in value over time.”