Aura Acquires Bluestone’s Cerro Blanco Gold Project
Aura Minerals will acquire a 100% interest in Bluestone Resources' Cerro Blanco gold project in Guatemala and the Mita Geothermal project. The deal values Bluestone at C$0.50 per share, representing a 51% premium, with the total enterprise value reaching up to US$74.3 million.
Bluestone shareholders can choose a cash payment of C$0.287 per share or 0.0179 of an Aura share, subject to proration, plus a contingent value right (CVR) for up to C$0.2120 per share if Cerro Blanco reaches commercial production.
The acquisition has been approved by both companies' Boards and is pending regulatory, court, and shareholder approvals.
Cerro Blanco is a high-grade gold deposit, while Mita Geothermal is licensed to produce up to 50 MW of power. Aura plans to evaluate future development options for Cerro Blanco after closing.
Rodrigo Barbosa, CEO of Aura, expressed confidence in turning Cerro Blanco into a flagship project, emphasizing Aura's commitment to social and environmental responsibilities. Peter Hemstead, CEO of Bluestone, highlighted the deal as the best outcome for shareholders, offering them exposure to a proven developer with a strong balance sheet.
