https://www.miningweekly.com
Financial|Gold|Resources
Financial|Gold|Resources
financial|gold|resources

Australian explorer Ramelius confirms talks to acquire Karora Resources

Ramelius owns the Edna May mine.

Ramelius owns the Edna May mine.

8th March 2024

By: Reuters

  

Font size: - +

Australian gold miner Ramelius Resources on Friday confirmed it is in discussions with Karora Resources for a potential acquisition of the Canada-based mine operator.

Shares of Ramelius were up 3.2% at A$1.595, as of 01:20 GMT, and are set for their best week since early December, if gains hold. The broader benchmark S&P/ASX 200 index rose in tandem to add nearly 1% in value.

The company, however, clarified the discussions were ongoing without any certainty of closure.

The Australian Financial Review valued the transaction to be between A$700-million and A$1-billion, according to a report published by the local daily on Thursday.

Karora's market capitalization stood at C$841-million as at market close on March 6, Ramelius said.

"There is no certainty that the discussions will lead to a transaction and if so, at what price," the company added.

Karora did not immediately respond to a Reuters request for comments.

Toronto-listed Karora is a gold producer and owns and operates two gold mines in Western Australia.

This deal would strengthen Ramelius' chances of touching its 2024 financial year gold production forecast of 265 000 oz to 280 000 oz.

Edited by Reuters

Comments

Projects

Copperwood project, US
Updated 7 hours ago By: Sheila Barradas

Showroom

SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
2nd May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.119 0.155s - 108pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: