Northern Star Resources, one of Australia's largest gold miners, has agreed to take over rival De Grey Mining in a deal worth A$5bn ($3.2bn). This consolidation comes as the gold sector benefits from record prices, with the deal offering a 37% premium to De Grey's share price.
Two of Australia’s largest gold miners have agreed a A$5bn takeover deal as the booming price for the commodity continues to drive consolidation in the sector. Northern Star Resources , which operates the huge Super Pit gold mine near Kalgoorlie in Western Australia, has agreed to take over rival De Grey Mining in an all-share deal pitched at a 37 per cent premium to the smaller company’s share price. De Grey shareholders would hold 20 per cent of the combined company.
Northern Star, now one of Australia’s largest listed gold miners, has earned a reputation for improving gold mining assets that had fallen out of favour with larger players. The Super Pit — officially the Fimiston Open Pit — is 3.5km long, 1.5km wide and 600 metres deep. The mine was previously jointly owned by Newmont and Barrick Gold. Northern Star acquired Newmont’s stake in 2019 and then struck a A$16bn merger with Saracen, which had acquired the Barrick stake, in 2021.
AUSTRALIA GOLD MINING TAKEOVER NORTHERN STAR RESOURCES DE GREY MINING INDUSTRY CONSOLIDATION
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