We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Agnico Eagle Sells 11.3% Orla Mining Stake, Plans to Redeploy Capital
Read MoreHide Full Article
Key Takeaways
Agnico Eagle sold 38M Orla shares for C$560M, ending its 11.3% ownership stake.
The sale reflects Orla's growth from junior explorer to mid-tier gold producer.
Agnico Eagle plans to redeploy capital into internal projects and new toehold positions.
Agnico Eagle Mines Limited (AEM - Free Report) has announced the sale of 38,002,589 common shares of Orla Mining Ltd. to buyers in Canada, the United States and elsewhere. The sale was carried out through the facilities of the Toronto Stock Exchange at a price of C$14.75.
Agnico Eagle had beneficial ownership of, or control or direction over, 38,002,589 common shares, representing roughly 11.3% of the issued and outstanding common shares on a non-diluted basis. The sale of ownership generated proceeds of C$560,538,188, after which the company no longer has beneficial ownership of, or control or direction over, any common shares.
Orla Mining began as a junior exploration company in 2017. Agnico Eagle provided its technical expertise and financial support to help it grow into a mid-tier gold producer. The mutually beneficial relation between the companies came to an end as Orla’s established position makes it the right time for Agnico Eagle to monetize its investment.
Agnico Eagle is poised to focus more on its high-quality internal growth projects and redeploy its capital in prospective strategic toehold positions with high geological potential. The company will periodically review its toehold investments and may choose to divest certain holdings from time to time.
AEM stock has surged 96% over the past year compared with the industry’s 74.5% rise.
Image Source: Zacks Investment Research
AEM’s Zacks Rank & Other Key Picks
AEM currently sports a Zacks Rank #1 (Strong Buy).
The Zacks Consensus Estimate for MOS’ 2025 earnings is pegged at $3.17 per share, indicating a rise of 60.10% from year-ago levels. The company’s earnings beat the consensus estimate in one of the trailing four quarters while missing it in the rest. Its shares have gained 33.1% in the past year.
The Zacks Consensus Estimate for CRS’ current fiscal-year earnings is pegged at $9.51 per share, indicating a 27.14% year-over-year increase.Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 8.38%. CRS’shares have surged 82% in the past year.
The Zacks Consensus Estimate for ASM’s current-year earnings is pegged at 11 cents per share. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 141.67%. ASM shares have jumped 316.8% in the past year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Agnico Eagle Sells 11.3% Orla Mining Stake, Plans to Redeploy Capital
Key Takeaways
Agnico Eagle Mines Limited (AEM - Free Report) has announced the sale of 38,002,589 common shares of Orla Mining Ltd. to buyers in Canada, the United States and elsewhere. The sale was carried out through the facilities of the Toronto Stock Exchange at a price of C$14.75.
Agnico Eagle had beneficial ownership of, or control or direction over, 38,002,589 common shares, representing roughly 11.3% of the issued and outstanding common shares on a non-diluted basis. The sale of ownership generated proceeds of C$560,538,188, after which the company no longer has beneficial ownership of, or control or direction over, any common shares.
Orla Mining began as a junior exploration company in 2017. Agnico Eagle provided its technical expertise and financial support to help it grow into a mid-tier gold producer. The mutually beneficial relation between the companies came to an end as Orla’s established position makes it the right time for Agnico Eagle to monetize its investment.
Agnico Eagle is poised to focus more on its high-quality internal growth projects and redeploy its capital in prospective strategic toehold positions with high geological potential. The company will periodically review its toehold investments and may choose to divest certain holdings from time to time.
AEM stock has surged 96% over the past year compared with the industry’s 74.5% rise.
Image Source: Zacks Investment Research
AEM’s Zacks Rank & Other Key Picks
AEM currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the Basic Materials space are The Mosaic Company (MOS - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) . While MOS and CRS sport a Zacks Rank #1 each at present, ASM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MOS’ 2025 earnings is pegged at $3.17 per share, indicating a rise of 60.10% from year-ago levels. The company’s earnings beat the consensus estimate in one of the trailing four quarters while missing it in the rest. Its shares have gained 33.1% in the past year.
The Zacks Consensus Estimate for CRS’ current fiscal-year earnings is pegged at $9.51 per share, indicating a 27.14% year-over-year increase.Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 8.38%. CRS’shares have surged 82% in the past year.
The Zacks Consensus Estimate for ASM’s current-year earnings is pegged at 11 cents per share. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 141.67%. ASM shares have jumped 316.8% in the past year.