Gold Fields invests $77M to increase stake in Suriname explorer Founders Metals

Gold Fields is investing an additional $77 million to increase its stake in Suriname-focused explorer Founders Metals to just under 20%. The investment follows an initial $50 million commitment to the company.

The capital will enable Vancouver-based Founders Metals to buy out its local partner, Nana Resources, for the Antino gold project. The buyout includes $17 million in cash, 13.6 million shares, and potential milestone payments of up to $21 million. By acquiring Nana Resources' 30% interest in Lawa Gold, Founders Metals will gain control of the entire 1,024-square-kilometer Antino district.

Founders Metals is currently conducting a 70,000-metre drill program this year. The consolidation provides the company with a royalty-free full interest in the project as it enters a significant growth phase.