Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCommoditiesMiningNewsEquinox Gold agrees to buy Orla Mining in $5.1 billion dealGold producers have been consolidating to cash in on record prices for the metalAuthor of the article:Last updated 2 days ago You can save this article by registering for free here. Or sign-in if you have an account.The first gold bar is poured at Equinox Gold's Valentine gold mine in central Newfoundland on Sept. 14, 2025. Equinox will buy Orla Mining in a stock and cash deal valued at US$5.1 billion. Photo by Handout /EquinoxEquinox Gold Corp. agreed to acquire Canada’s Orla Mining Ltd. for about US$5.1 billion, the latest in a wave of gold-mining deals as producers seek to boost output and reserves after a massive price rally in bullion over the past year.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorEquinox will pay almost entirely in stock, the companies said Wednesday. The transaction will give Equinox two operating mines in Mexico and Canada, plus development projects in Nevada and Panama. The merged company’s production to 1.1 million ounces a year, with the potential to grow to more than 1.9 million ounces.Gold prices rose to a record in January and have mostly traded above US$4,500 an ounce since then, spurring acquisitions in the sector. Still, extreme bouts of price volatility in metals markets have raised investor concerns about supporting acquisitions they see as overpriced. That’s led to more zero-premium and low-premium transactions. The Equinox-Orla merger fits that pattern, offering no takeover premium to Orla shareholders.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againOrla shares rose nearly 1 per cent before paring gains in New York, while Equinox fell as much as 7.3 per cent.The deal is set to create a company with an implied market capitalization of US$18.5 billion. That boost in scale will allow Equinox to pitch itself as a senior North American gold producer to large institutional investors that often favour bigger, more liquid names. The added heft comes as gold is drawing renewed investor interest as a hedge against currency debasement and reduced confidence in paper money.Equinox has been reshaping its portfolio to focus more on North America and last year agreed to sell its Brazilian operations to CMOC Group, one of China’s largest mining companies, in a US$1 billion deal.“The really sweet thing here is that we maintain our jurisdictional simplicity,” Equinox chief executive Darren Hall said in a phone interview. “There are no synergistic savings of materiality from this — it’s really the complimentary piece and being able to leverage off the combined strength” of operating in the same geographies, he added.While the deal looks positive for Equinox in the near term and creates a larger, Canada-focused producer, questions remain about the timing and rationale for both companies given each appeared well positioned for strong growth as standalone entities, TD Cowen analyst Wayne Lam wrote in a research note on Wednesday.Wednesday’s agreement values Orla at about US$5.1 billion based on Equinox’s closing price on Tuesday, according to Bloomberg calculations. Hall will serve as chief executive officer of the combined company, while Simpson will be president.Equinox will pay largely in stock, with Orla shareholders receiving 1 Equinox share and a nominal cash payment of US$0.0001 for each share, according to the company statement. After the merger, existing Equinox holders will own about 67 per cent of the combined company, and Orla holders will own about 33 per cent.BMO Capital Markets acted as the financial adviser to Equinox, while Trinity Advisors Corp. and Scotiabank advised Orla.— With assistance from Ben Scent and Monique Mulima. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.