Ontario Teachers’ fund invests $300 million in New Afton mine near Kamloops
KAMLOOPS — New Gold has announced a major cash infusion into the New Afton mine near Kamloops from one of Canada’s leading — and most recognizable investors.
According to a news release from New Gold, the Ontario Teachers’ Pension Plan (OTPP) has acquired a 46 per cent “free cash flow” interest in the New Afton mine, for a price of $300 million.
OTPP has nearly $200 billion in assets around the world, including several airports in Europe and major commercial real estate properties in Toronto and Ottawa.
From 2003 to 2012, OTPP was the principal owner of Maple Leafs Sports and Entertainment, who operates the Toronto Maple Leafs and Toronto Raptors.