On September 21, 2022, Dundee Resources Ltd., a subsidiary of Dundee Corporation, closed a transaction in which Dundee Resources retained a 20 percent interest in Big River Gold Ltd. through a joint venture arrangement with Aura Minerals Inc.
Aura, in partnership with Dundee Resources, subject to completion and confirmation of a Feasibility Study, will begin construction of the Borborema Project in 2023 with production to commence in 2025. The joint venture interest in the project will be held in an intermediate holding company, Borborema Inc., where Dundee Resources will hold an indirect 20 percent equity interest as a result of the contribution of shares of Big River held by Dundee Resources and an additional cash subscription for shares in Borborema for US$2.5 million.
Cassels acted for Dundee.