Mining companies raised $2.4 billion (US$1.69 billion) in the month through Oct. 15, led by Osisko Gold Group’s debt and equity financings for its Cariboo gold project in British Columbia. The November Markets chart ranks financings in Canadian dollars. The U.S. equivalent of the monthly total uses the Oct. 15 rate from the Bank of Canada.
The total was about one-third below the $3.53 billion in the previous Markets tally from Aug. 17 to Sept. 15. Osisko Gold Group and Harmony Gold Mining accounted for about two-thirds of the latest period’s total. A change in data providers limits comparisons with earlier issues.
Osisko Gold Group (TSXV: OGG; NYSE: OGG) led at $894 million (US$630 million) across two transactions. The company sold senior secured notes to refinance project debt and advance construction at Cariboo. A Trafigura affiliate closed a separate equity investment on Oct. 9.
Harmony Gold Mining (JSE: HAR; NYSE: HMY) placed second with $709.4 million (US$500 million) in convertible bonds due in 2031. Generation Mining (TSX: GENM) followed with $240 million (about US$169 million) from a bought deal and a concurrent private placement with Canada Growth Fund to help build its Marathon copper-palladium project in Ontario.
Luca Mining (TSXV: LUCA; US-OTC: LUCMF) raised $211.4 million (about US$149 million) in subscription receipt financings tied to its proposed purchase of the Cozamin mine in Mexico. Goldgroup Mining (TSXV: GORO; NYSE-A: GORO) rounded out the top five with a $172.4-million (US$121.8-million) private placement for working capital and general corporate purposes, including advancing its mining portfolio and evaluating potential investments.
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