Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) has entered into a definitive deal to buy the Musselwhite gold mine from Newmont (TSX:NGT,NYSE:NEM), positioning the company to more than double its annual gold production.

Orla Mining has finalised a definitive agreement to acquire the Musselwhite Gold Mine in Ontario from Newmont for $810m (C$1.14bn) in upfront cash and another $40m contingent on the gold price. This acquisition is set to significantly expand Orla's gold production capabilities and enhance its free cash flow.

Newmont agrees to sell Musselwhite mine in Ontario for up to $850M to Orla Mining, as part of its asset divestment strategy.