MOSCOW, July 20. /TASS/. Orea Mining Corp. has agreed with Nord Gold to retract the termination of the agreement to acquire its 55.01% interest in the Montagne d’Or gold project in French Guiana, Orea said in a statement on Thursday.

"Orea Mining Corp. reported on July 06, 2023 that it agreed with Nord Gold plc to retract the termination of the agreement to acquire its 55.01% interest in the 5M oz. Montagne d’Or gold project, and that the parties agreed to amend the proposed terms of the share purchase agreement, and to defer signing pending feedback from the applicable sanctions authorities," the statement reads.

Pursuant to the terms of the amended agreement, the C$100 million payment will only be made if and when all sanctions are lifted against Nordgold and its shareholders, in all applicable jurisdictions, including in Canada, the United States, France, the UK and the EU. The amended agreement also stipulates that the payment will no longer be due or payable if sanctions are still in effect the earlier of three years from receipt by Orea of all permits to operate a gold mine at Montagne d’Or, and seven years from closing of the acquisition.

Earlier, Orea Mining Corp. notified Nordgold of terminating the deal due to the refusal of the government of Canada where Orea is registered, to approve the deal. Later the companies returned to discussing the deal on acquiring by Orea Mining Corp a 55.1% share in the joint venture with Nordgold Montagne d'Or in French Guiana under new terms.

Nordgold manages enterprises in Russia, Kazakhstan, Burkina Faso, Guinea and a number of promising projects.