Nordgold reaches agreement to sell controlling stake in Montagne d'Or project in French Guiana, deal valued at $77

MOSCOW. Aug 31 (Interfax) - Gold miner Nordgold has entered into a legally binding agreement with Orea Mining (formerly Columbus Gold) to sell its 55.01% interest in the Montagne d'Or joint venture in French Guiana.

According to Nordgold, the terms of the agreement envisage that Orea will pay Nordgold 100 million Canadian dollars ($77 million at current exchange rates) after receiving all permits and approvals required to begin construction of a mine with a production capacity of at least 100,000 ounces of gold per year.

The written agreement is contingent upon and will become effective upon receipt of all approvals from all applicable sanctions authorities.