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

Latest News

The Collahuasi mine
China could hinder BHP’s bid to become copper’s top producer
Updated 2 hours 45 minutes ago By: Bloomberg
The Woodsmith project, in the UK
BHP’s bid for Anglo casts cloud over $9bn fertiliser mine
Updated 2 hours 34 minutes ago By: Bloomberg

Showroom

SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 
Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 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:0.147 0.186s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: