gd1, at the time of IMG purchased Essakane, (the closing was February, 2009) financing for mining development had completely dried up. When Essakane was being developed Goldfields owned 60 per cent of it, until ORE bought out that 60 per cent stake for 200 million. ORE had then obtained funding to construct the mine on its own and had actually commenced construction of the mine prior to the IMG acquisition. ORE's own financing became problematic and reports are that funding was pulled during the credit crunch at the bottom of the market in early 2009. IMG completed construction quickly ahead of schedule with a capital cost of $440 million. The price of gold was about $800 an ounce when IMG bought the mine. IMG obtained financing on its own for the project and also assumed some of the financing that ORE had obtained. The terms of the purchase by IMG were not simple but there is no doubt that IMG underpaid and that ORE was forced to sell in the worst kind of market conditions.