Northern Orion eyes Alumbrera cash

Having recently been unmasked as Wheaton Rivers Minerals‘ (WRM-T) partner in a plan to split the US$180-million acquisition of BHP Billiton‘s (BHP-N) quarter-stake in the Bajo de la Alumbrera gold-copper project in Argentina, Northern Orion Explorations (NNO-T) is getting down to raising some cash.

The company plans to raise US$70-US$80 million via a best-efforts private placement underwritten by a group co-led by Griffiths McBurney & Partners and BMO Nesbitt Burns.

The private placement will comprise shares and share purchase warrants. The deal is subject to approval by the Toronto and American stock exchanges.

Northern Orion figures its share of annual production from Alumbrera at around 53 million lbs. of copper and 68,000 oz. of gold. Net cash costs are pegged at US21 per lb. copper over at least 8 years.

Northern Orion shares were off half a penny at 17.5 in late morning trade in Toronto on April 11. At last count, the company currently had about 189 million shares outstanding.

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