) dropped after announcing the suspension of all mining activities at Jerritt Canyon, which accounted for about 21 per cent of its 2022 revenue, effective immediately.
First Majestic said it is reducing its workforce at the facility to cut overall costs and will continue exploring both near-mine and prospective regional greenfield targets to grow its resources. The company, which auctions and sells used heavy industrial equipment, last week saw its shareholders vote in favor of the acquisition despite the pushback from Institutional Shareholder Services and Glass Lewis.
Under terms of the transaction, IAA shareholders would get US$12.80 per share in cash and 0.5252 common shares of Ritchie Bros for each share of IAA common stock they own.
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