All of the mining assets of Newmont Porcupine in and around Timmins are being sold to Toronto-based Discovery Silver for $425-million. It’s being backed by Franco Nevada, another mining company based in Toronto.
The CEO of Discovery Silver is Timmins product Tony Makuch.
Timmins MPP and mines minister George Pirie says this is exciting news, because Newmont got into financial difficulty and operational problems, but its properties have a lot of life left.
“Tony Makuch is a local champion,” says Pirie, “and I’ll tell you, miracles happen when you – it doesn’t need a miracle, but it’s a lot better when you’ve got a local champion running the show.”
Newmont Porcupine operates the Hoyle Pond and Pamour mines, the Dome mine and mill and the Borden mine in Chapleau.
