McEwen Agrees to Sell Ontario Properties to Discovery Mining for $55 Million
McEwen Mining (MUX:NYSE) announced an agreement to sell its Fuller and Paymaster properties in Timmins, Ontario, to Dome Mine, a subsidiary of Discovery Mining. The deal is valued at $5 million in cash and $50 million worth of Discovery common shares. McEwen's stock rose 4.5% following the announcement. The transaction reflects strategic asset management by McEwen as it divests non-core properties to focus on other operations or reinvest proceeds elsewhere. The involvement of a subsidiary highlights internal restructuring within Discovery Mining, which is acquiring these assets through its operational arm in Ontario.
Topics: asset sale Discovery Mining McEwen Mining stock price movement