Canadian mining company Equinox Gold has agreed to sell its Brazil portfolio to a CMOC Group subsidiary for $1.01bn to focus on North American growth. The sale includes interests in Aurizona Mine, RDM Mine, and Bahia Complex, with $900m upfront cash and potential $115m contingent payment.

The transaction is expected to close in Q1 2026, not contingent on financing conditions. Equinox Gold’s post-sale production includes mines in Canada, California, and Nicaragua. The company aims to increase gold output to 700,000oz-800,000oz in 2026 with additional growth opportunities.

Equinox Gold plans to issue formal 2026 production and cost guidance early next year. CEO Darren Hall emphasizes the sale strengthens the company’s financial position, enabling self-funded organic growth and capital return initiatives. The company’s focus on North American assets aims to deliver stronger margins and sustainable returns.

BMO Capital Markets is advising Equinox Gold, with legal counsel from Blake, Cassels & Graydon in Canada and Veirano Advogados in Brazil. Canaccord Genuity is advising CMOC Group, with legal counsel from McCarthy Tétrault in Canada and Mattos Filho in Brazil. In September, Equinox Gold announced the inaugural gold pour at the Valentine Gold Mine in Canada.

Read more at Yahoo Finance: Equinox Gold agrees to sell Brazil portfolio to CMOC for $1.01bn