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Thursday, May 28, 2026

‘Proudly Canadian:’ A US$18.5B merger to become second-largest gold producer




Updated:


Two Vancouver-based gold mining companies are merging, aiming to become the second-largest producer of Canadian gold.

On Wednesday, Equinox Gold Corp. announced it is buying Orla Mining Ltd. in a cash and stock deal valued at US$5.1 billion.

The joint company will have a total market value of US$18.5 billion, and is expected to produce more than one million ounces of gold annually through six operating mines spanning Canada, the United States, Nicaragua, and Mexico.

Equinox chief executive Darren Hall says the team has an organic growth path to double that output to nearly two million gold ounces annually.

He says the company prioritizes maximizing shareholder value through stock price appreciation while leveraging its Canadian base as a core operational component.

“We’re proudly Canadian,” says Hall.

Equinox stated the new deal makes the company the second-largest producer of Canadian gold with its three gold operations, which include Equinox’s Greenstone mine, its Valentine mine in Newfoundland and Labrador, and Orla’s Musselwhite mine in Ontario.

Equinox Gold's Greenstone Mine is a major open-pit gold mining operation in Ontario. It is located near Geraldton, 275 km northeast of Thunder Bay. (Photo Credit: Equinox Gold Corp)

Collectively, they’re projected to yield 685,000 ounces of gold this year.

“Both sets of shareholders will benefit from the growth that Equinox brings, Orla brings,” says Hall.

“Together we accelerate into being a senior producer, much more quickly than what we would have done as a part.”

Transaction structure and shareholder split

Equinox will acquire all outstanding common shares of Orla Mining. The newly combined business will operate under the name Equinox Gold Corp.

Orla shareholders will receive exactly one Equinox common share plus a nominal cash payment of $0.0001 for each Orla share held.

Upon closing, existing Equinox shareholders will own roughly 67 per cent of the combined company, while former Orla shareholders will hold 33 per cent.

Shareholders of both companies are expected to vote on the transaction in July 2026, with the deal slated to close in the third quarter of 2026.

Orla Mining sees major growth ahead

Orla sees the deal as a greater value proposition than it would have been as a standalone company, says the company’s president and chief executive officer, Jason Simpson.

“What changes is that we have a larger platform,” says Simpson.

He says the growth in the years ahead will see an acceleration of the development of combined assets in Newfoundland, Nevada, and California.

“We know that we’ve got the support of our major shareholders in this transaction, and we are hopeful that the remaining shareholders will also see the value in what we’ve created as a combination,” says Simpson.

He stresses that the Equinox mines have very long lives in Canada, and the combined company holds 23 million ounces of mineral reserves in total.

“Everything is an improvement in the combined company, mine life, free cash flow, growth profile and an instantaneous production of over a million ounces,” says Simpson.

“We are clearly a North American-focused gold senior company now.”

Anam Khan

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Journalist, BNNBloomberg.ca

Singapore-based company chosen as potential buyer for Yukon mine after collapse




Published:

Victoria Gold's Eagle gold mine site north of Mayo, Yukon, is shown in this handout aerial photo taken Wednesday, July 3, 2024. THE CANADIAN PRESS/Handout — Yukon Government (Mandatory credit)

The Yukon government says a Singapore-based private company has been chosen as a potential buyer for the defunct Eagle Gold mine that was the site of a catastrophic storage failure in 2024.

A statement from the government says the court-appointed receiver has entered into an exclusivity agreement with Boroo Ltd. for the sale of the Eagle Gold mine and “certain related assets.”

No price tag has been disclosed, but the agreement signed on April 23 gives the potential new owner 90 days to complete additional due diligence and negotiate the terms of a potential sale.

The receiver’s website says that along with negotiating the sale, Boroo will start discussions with the Yukon government and the First Nation of Na-Cho Nyak Dun about agreements that would need to be in place for mining operations to restart.

The mine, near Mayo, Yukon, suffered a catastrophic failure in June of 2024 at a site used as part of extracting the gold, spilling about two million tonnes of cyanide-soaked ore into the environment.

Its previous owner, Victoria Gold, was put into receivership by a court months later and PricewaterhouseCoopers Inc. was appointed as receiver.

The PricewaterhouseCoopers website describes Boroo, as a private mining company that operates, develops, and acquires mining assets around the world, and is recognized as a specialist in operational turnarounds and responsible mine development.

The company’s website lists assets in Peru and Mongolia.

This report by The Canadian Press was first published April 28, 2026

Ashley Joannou, The Canadian Press

Friday, May 15, 2026

 


US gold firm taps mining veteran Warke for Venezuela project


Venezuela’s interim President Delcy Rodríguez. (Image courtesy of El Salvador government |WikiCommons.)

A US-owned exploration firm has signed a deal with mining veteran Richard Warke’s company to advance a long-stalled gold project in Venezuela, the latest signal of renewed foreign interest in the country’s mineral riches.

Warke’s Augusta Capital Corp. will have the option to build a 50% ownership in Gold Reserve Ltd.’s stake in Siembra Minera by spending as much as $200 million to develop the asset, according to a memo obtained by Bloomberg News. The earn-in agreement says Vancouver-based Augusta Capital must spend the funds over four years, with at least $25 million within the next year.

Gold Reserve and Augusta Capital did not immediately respond to requests for comment.

The deal is the latest example of mining companies plotting a return to Venezuela after years of political turmoil and sanctions drove much of the industry away. Gold Reserve, a tiny junior mining company based in Washington, has sought for years to revive the giant Siembra Minera Project in southeast Bolivar State. The company estimates it holds 52.2 million bullion ounces.

Venezuela seized the mining project from Gold Reserve in 2008 under former President Hugo Chávez, with the company retaining a 45% interest in the asset. But the country’s new mining law, enacted by acting President Delcy Rodríguez’s administration in April, removes mandatory state ownership requirements for mining projects, potentially allowing Gold Reserve to reclaim its majority stake.

Under the new agreement, Gold Reserve and Augusta Capital will jointly negotiate with Venezuelan officials as they seek to restart development at the property, according to the memo.

Warke, a Vancouver-based mining entrepreneur, has built a reputation in the industry for developing and selling mining companies at multibillion-dollar valuations. He is the co-founder of Equinox Gold Corp., which agreed to buy Orla Mining Ltd. in a $5.1 billion deal on Wednesday. Warke is also a part owner of a number of sports assets, including the PGA Tour, basketball’s Boston Celtics and Fenway Sports Group, which owns Major League Baseball’s Boston Red Sox and English Premier League soccer team Liverpool FC.

Venezuela boasts vast mineral wealth, including conventional materials such as coal, gold and diamonds as well as critical minerals including bauxite, copper and coltan, a metallic ore that can be refined to extract tantalum and niobium.

Those reserves could support the Trump administration’s bid to reduce US dependence on China for minerals used in mobile phones, batteries, jet engines and other products.

The government has already taken steps — including buying stakes in mineral companies and exploring price floors to support production — to wean the US off supplies from Beijing after a trade spat last year halted the flow of some materials.

(By Jacob Lorinc)


Wednesday, April 08, 2026

The Persian-Parsi Identity – Analysis

Parsi wedding in India. Credit: The Parsees and the Towers of Silence at Bombay, India by William Thomas Fee, The National Geographic Magazine, Dec 1905, Wikipedia Commons


April 8, 2026
Gateway House
By Coomi Kapoor

With Iran in the news, the Parsi community in India is finding that their peripheral connection to the country evokes interest. Iran is the land of their very distant ancestry. Parsis are the followers of the prophet Zarathustra, who preached the ancient Persian faith, considered the world’s oldest monotheistic religion. It exercised a profound influence on later religions such as Judaism, Christianity and Islam on issues such as heaven, hell and the Day of Judgement.

Parsis see themselves as inheritors of the glorious traditions of two great Persian empires, the Achaemenid (550-330 BCE) and the Sassanid (224-651 CE). The ruins of Persepolis, standing majestically atop a hill, an architectural marvel of the ancient world, are a reminder of the legacy of the mighty Persian empire founded by Cyrus the Great was fortified by Darius the First. A replica of the `Cylinder of Cyrus’ from 539 BC is preserved in the United Nations building in New York and is acknowledged as the world’s first bill of human rights. The Old Testament refers to Cyrus, King of Persia, who conquered Babylon and set free the Jews who had lived in captivity for 70 years, allowing them to return to Jerusalem. The Book of Ezra refers to Cyrus as “Anointed of “The Lord”, a term normally reserved for Jewish prophets.

The Parsis fled Persia for India about a century after the Sassanid empire collapsed and Persia came under Arab control following the Battle of Nahavand in 642 CE. India and Persia were two ancient civilisations with a deep connection and similar roots. Their early dialects, Vedic Sanskrit and Avestan, are sister languages with many common words, sometimes with opposite meanings. Their religions have several common concepts, including the deification of fire. The commonalities between the two countries continue. The most obvious is an extensive vocabulary of familiar words: khush, jabardast, hafta, sal, pyar mohbat, muskeelian, meherbani, tehzeeb, etc.

Persian was the official language for the Indian courts, administration and literature under the Mughal emperors and even early British rule. The fabled mosques and palaces of Persia, with their brilliant colours and delicate workmanship, was the inspiration for India’s Mughal monuments. Great Persian poets like Firdosi, Omar Khayam, Hafez, Rumi and Sa’di had a huge impact on Indian literature. Despite their theocratic state, the Iranians have remained proud of their pre-Islamic heritage, whether it is Persepolis or the Tomb of Cyrus. The winged Farohar, symbol of the Zoroastrian deity Ahura Mazda, can be seen on some Islamic houses and across tourist shops in the country.

Anjuman Atash Bahram, Mumbai, with the winged Farohar symbol at the top. Image credits: Heritage India

Iranians constantly emphasised that they were Persian Aryans as opposed to being of Arabic origins like most of West Asia. Many Iranians steadfastly continue to celebrate the ancient spring festival of Navroze with flowers and fruit decorations despite the disapproval of hardline Muslim clerics.

The Persian civilisational journey is a contrast with that of Pakistan, which inherited the famous cradle of civilisation, Mohenjo Daro, in Sindh. Few Pakistanis visit this glorious site; the locals feel little ancestral connection to the site, preferring to trace their roots to West Asia and not to Mohenjo Daro, despite being of sub-continental ethnicity.

Persia and India’s impact on each other go back to antiquity. But the extent of the Persian influence on the Parsi identity is more difficult to quantify. Till the 19th century, and even today for formal occasions, the Parsis have elements of Persian style in their dress code, including covering their heads. Men still wear long, stiff, lacquered black pagris or black prayer caps to the fire temple. Parsi women took to the sari early, but Persian elegance with bold colours and refined design is seen in their Chinese-style embroidered gharas. Their success in cultivating fruit orchards, usually chikoos or mangoes. is often attributed to their Persian heritage.

Wedding photograph of a Parsi couple in traditional attire from the 1900’s. Image credits: Chitravali

Rock icon Freddie Mercury, though a Parsi who consciously tried to hide his identity, in an unguarded moment admitted that his flamboyant persona was because he was a “Persian Popinjay”.
Farrokh Bulsara, aka Freddie Mercury (centre), with his father, Bomi, and mother, Jer Bulsara, who were a part of the Parsi community from Bulsar (present-day Valsad), Gujarat. Image credits: Mid-Day

Persian influence is also glimpsed in Parsi food, where fruit and nuts are common embellishments in savoury dishes. The later Zoroastrian immigrants, the Iranis, who arrived in India in the 19th and 20th centuries looking for better opportunities, set up several bakeries and cafes in Mumbai in the style of those back in Iran. Most familiar Parsi names, such as Meher, Feroze, Hormaz, Darius, Jamshed, Dinshaw, Rustom, Sorab, Niloufer, Roxana et al., continue to be popular not just in Iran but all over West Asia. The names are from Avestan times and appear in Zoroastrian folklore and history.

Yazdani Bakery, 73 years old, is one of Mumbai’s iconic Iranian bakeries. Much loved by locals, it has been cherished through paintings and artworks, as seen on the left.

Despite this deep cultural connect, however, Parsis do not identify with Iran as the mother country. They left for India in the eighth century after more than a 100 years of religious persecution following the Arab invasion of Persia and assimilated completely with India, even while rigidly maintaining their own identity and religion. The local people named the new arrivals Parsis since they came from the Pars region in Iran. Zoroastrians who left Iran, however, retained ties with their co-religionists back home over the centuries through messages known as Rivayats. But while initially it was the Indian side which deferred to the spiritual advice from their fellow believers in Iran, gradually the tables turned as the Parsis became more prosperous and influential and the Iranian Zoroastrians more marginalised.

For instance, when the Iranian Zoroastrians pointed out the inaccuracies in the Parsi calendar, with spring falling in August, many Parsi scholars declined to own their mistake in calculation. While back in Iran and much of Central Asia, modern-day Navroze and spring are ushered in on the basis of the vernal equinox and not calendars. Orthodox Parsis stick dogmatically to their own calendar. They did eventually reach a compromise – but only to dub the new equinox festival as Jamshedji Navroz.

In the mid-nineteenth century, prominent Parsis, enlisting the help of the British government, sought to alleviate the lot of their Zoroastrian brethren in Iran by getting the jizya tax – levied for centuries by the Muslim rulers on all non-Muslim communities such as Jews, Christians and Zoroastrians was abolished by 1882, encouraging them to settle in India with their assistance.

The 20th century’s self-anointed Iranian monarchs, Reza Shah Pahlavi and his son Mohammed Reza Shah II, impressed with the achievements of the progressive Parsis in India, attempted to persuade them to return to Iran. Though Parsis often referred approvingly to II as “apro Shah” (Our Shah) since his family has assumed the title Pahlavi from pre-Islamic Persia and he celebrated the 2,500-year anniversary of Cyrus’s dynasty with jaw-dropping extravagance, he could not be enticed to leave India. The Shah, by playing up Persia’s ancient glory, only further alienated the Muslim theocracy and may have contributed to the Islamic revolution.[1]

In 19th-century British Raj India, Christian missionaries who converted a Parsi boy taunted the Parsis, suggesting that they recited their prayers by rote without understanding them. This motivated the Parsis to take renewed interest in learning the dead languages of Persia, in which their scriptures are written. The generations of Parsi boys were made to study the language of their liturgical texts in Avestan, the extinct Persian language dating back to 1500 BCE.

It has similarities to Vedic Sanskrit and Pahlavi spoken from the 3rd to the 7th century CE. Today, Zoroastrianism and the early Persian language are taught in a few educational institutions in India, such as the K.R. Cama Oriental Institute in Mumbai and the Bhandarkar Oriental Research Institute, Pune, and some centres in the West, such as SOAS in London, are funded by Parsi trusts. But in present-day Iran, there seems to be little interest in learning this ancient language.

[1] Avesta.org. “The Persian Rivayats.” Edited by Ervad Bamanji Nusserwanji Dhabhar.
https://www.avesta.org/rivayats/rivayats.htm


About the author: 

Coomi Kapoor is the author of The Tatas, Freddie Mercury and Other Bawas: An Intimate History of the Parsis.

Source: This article was written for Gateway House: Indian Council on Global Relations.

Gateway House: Indian Council on Global Relations is a foreign policy think-tank established in 2009, to engage India’s leading corporations and individuals in debate and scholarship on India’s foreign policy and its role in global affairs. Gateway House’s studies programme will be at the heart of the institute’s scholarship, with original research by global and local scholars in Geo-economics, Geopolitics, Foreign Policy analysis, Bilateral relations, Democracy and nation-building, National security, ethnic conflict and terrorism, Science, technology and innovation, and Energy and Environment.

Wednesday, April 01, 2026

 SPACE/COSMOS

Spacecraft data reveals surprising detail about Saturn's magnetic "shield"




Lancaster University
Saturn 

image: 

Saturn's equinox captured by Cassini in 2009

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Credit: NASA/JPL/Space Science Institute





Scientists analysing data from the Cassini-Huygens mission have uncovered a significant structural surprise in Saturn’s protective magnetic bubble.

Researchers say this discovery confirms that giant planets operate under a different magnetospheric regime from the Earth’s.

The study in Nature Communications includes Dr Licia Ray and Dr Sarah Badman from Lancaster University with Dr Chris Arridge, formerly of Lancaster. 

Cassini was sent to study the planet Saturn and its system, including its rings, natural satellites and local space environment, as part of a research mission by NASA, the European Space Agency (ESA) and the Italian space agency (ASI). It was in orbit between 2004 and 2017.

This latest research backs up a longstanding scientific theory that the rapid spin of massive planets like Saturn would replace the solar wind – the stream of charged particles from the Sun - as the dominant force sculpting their “magnetospheres”.

A magnetosphere is the region in the near-space environment where a planetary magnetic field acts as a shield against the solar wind. However, near the planetary poles, funnel-shaped openings called "magnetospheric cusps" allow charged particles from the Sun to leak directly into a planetary atmosphere.

Researchers analysed Cassini data collected between 2004 and 2010 to determine the precise location of Saturn’s magnetospheric cusp. The results showed a clear difference from similar measurements at Earth.

Saturn's immense rotational forces "drag" the cusp away from noon, skewing its average location significantly toward the afternoon sector, specifically between 13:00 and 15:00 local time while sometimes extending toward 20:00 local time. The dusk-oriented location of Saturn’s cusp confirms that a planet’s rotation rate can fundamentally change the structure of its near space environment

The shifted cusp location fundamentally alters models of magnetic reconnection, high-energy particle acceleration, and Saturn’s powerful auroral activity.

Dr Licia Ray of Lancaster University said: “This result allows us to move forward with new and improved theories on how planetary magnetospheres interact with the solar wind.”

Earth spins quite slowly compared to gas giants like Saturn. With one terrestrial day lasting 24 hours, the dominant factor driving the shape of the magnetosphere is the balance between the pressure from the Sun - the solar wind- and pressure from Earth’s magnetic field. This balance aligns the cusp towards local high noon.

At Saturn, one day lasts approximately 10.7 hours and its magnetosphere is full of ionised material from its moon Enceladus. These two effects mean that for Saturn, pressure from the magnetic field and a rapidly spinning disk of ionised material must balance the solar wind pressure.

Dr Ray said: “In particular, the afternoon cusp locations have implications for how we interpret Saturn’s bright aurora and where we expect magnetic reconnection, an explosive process that accelerates particles to very high energies of keV and more, to occur. It also highlights the rich science that can still be done with Cassini data more than eight years after the end of mission.”