Boston, MA 03/18/2014 (wallstreetpr) – Primero Mining Corp (NYSE:PPP) has completed the acquisition of Brigus Gold Corp after acquiring all the outstanding shares. The acquisition saw Primero offer 41,340,664 of its common shares to Brigus shareholders with 2,729,558 being reserved for issuance in connection with new Primero options to the former option owners.
The deal will facilitate the transformation of Primero Mining into a diversified America based mid-tier gold producer with an extensive range of growth projects, according to the company’s chief executive officer. Primero mining currently manages two producing mines, with approximately 250,000 gold equivalent ounces in 2014
Primero Mining Corp (NYSE:PPP) expects its production capacity to grow to around 400,000 gold equivalent ounces by the end of 2016 especially with the expansion of San Dimas mine. Black Fox Mine on the other hand is a key gold belt for the company able to leverage its technical expertise in underground mining. Primero Mining has been buoyed in the recent months with a strong balance sheet and high market capitalization as well impressive liquidity levels.
Primero Mining Market rating
Primero Mining Corp (NYSE:PPP)’s stock is currently rated as a hold in the market with the company demonstrating strengths in an increase in stock price as well as good margins in terms of revenue growth and a solid financial position. The strengths on the other hand are countered by weaknesses in feeble growth in earnings per share as well as deteriorating net income.
Primero Mining share price is currently at a high of 17.92% compared to the same period a year ago with revenue surpassing the industry average of 8.7%. Primero Mining revenues have grown by 9.5% when compared to the same period a year ago. Its gross profit margin is at a high of 50.78% but slightly lower when compared to that of the same period a year ago. The only worry as of the moment is the decline in earnings per share in the recent quarter earnings.
Primero Mining Corp (NYSE:PPP) remained slightly unchanged on Monday trading session moving up by 0.64% to close at $7.85
