CMOC Group to acquire Brazil operations from Equinox Gold for $1.015bn.

CMOC Group, a global mining company that explores, mines, processes, and trades base metals and minerals, agreed to acquire Brazil operations from Equinox Gold, a gold exploration and mining company, for $1.015bn. “The sale of our Brazil Operations is a pivotal step to position Equinox Gold as a North American focused gold producer underpinned by robust cash flow and a tier-one growth profile. The proceeds will transform our balance sheet and immediately strengthen our financial position by fully repaying our $500 million Term Loan and $300 million Sprott Loan, and reducing our revolving credit facility. This will greatly reduce interest expense and enhance per-share cash flow. The Company will have enhanced flexibility to self-fund organic growth and consider capital return initiatives within a disciplined capital allocation framework,” Darren Hall, Equinox Gold CEO.