Shares in AuRico Gold Inc. are soaring today, up more than 15 per cent on the TSX, as investors cheer the companys decision to sell off a troubled Mexican gold mine to a company owned by Carlos Slim, one of the worlds richest men.
AuRico disclosed the sale of the Ocampo mine, as well as adjacent exploration projects and a 50 per cent stake in the Orion project, to Minera Frisco in the post market on Tuesday. It will raise $750-million, helping the company to pay off debt and invest in growth opportunities and fund ongoing projects.
