Canadian pension invests in gold production

Caisse de depot et placement du Quebec (CDPQ) agreed to buy a 3% net smelter return royalty on gold production at the Beaufor mine for C$5 million (US$3.6 million), according to an announcement from Monarch Gold Corporation in Montreal. Monarch Gold plans on taking on an extensive 42,500-meter drilling program at the mine and will incorporate artificial intelligence technologies to target selections for its next drilling program using advanced analytics. The end goal, officials said, is to restart gold production at Beaufor within the next 12 to 18 months in order to take advantage of the bullish gold market. Monarch and the C$340 billion pension fund have retained the services of GoldSpot Discoveries to use its artificial intelligence algorithms to increase the efficiency and success rate of mineral exploration. "With CDPQ's investment, Monarch can pursue its exploration plan, which could ultimately lead to the re-opening of the Beaufor mine in Abitibi-Témiscamingue," said Kim Thomassin, CDPQ's executive vice president and head of Québec investments and stewardship Investing. "This transaction will pave the way for the company to integrate new artificial intelligence technology, which is in line with our desire to encourage more companies from so-called traditional sectors to take the digital turn to improve their performance." The C$5 million will be payable to Monarch in two installments: C$3 million upon closing of the transaction and an additional C$2 million once the Corporation has completed a total of 15,000 meters of drilling on the Beaufor property or within 60 days of the Beaufor mine going into production.

Continue Reading With a Free Trial

Be an Alts Watcher

Subscribe to our mailing list and know first!

Ares closes $2.7bn in U.S. direct lending commitments

AGL raises $400m for latest CLO offering

Related Articles

Kennedy Lewis raises $2.1bn for opportunistic credit fund launch

Crosslink backs early-stage ambitions with new fund

Point72 Ventures seeds AI platform Swapp

Carlisle raises $290m for second absolute return fund

Get our daily news digest in your inbox

Get our daily news digest
in your inbox