SSR Mining to buy Alacer Gold in C$2.4bn share deal
Gold miners SSR Mining and Alacer Gold on Monday announced their at-market merger of equals, creating a company with assets in the US, Canada, Argentina and Turkey.
Shareholders in TSX- and ASX-listed Alacer would receive 0.3246 SSR Mining shares for each Alacer share held, implying a consideration of C$8.19 a common share, valuing Alacer at C$2.41-billion.
The combined entity would continue as SSR Mining, with headquarters in Denver, Colorado, and corporate head offices in Vancouver, British Columbia.
"Our focus at Alacer over the past several years has been on generating peer-leading free cash flow – this merger allows us to continue this strategy while diversifying our single operating asset exposure," said Alacer CEO Rod Antal, who would become president and CEO of the new SSR Mining.
SSR Mining owns three operations, including the Marigold gold mine in Nevada, US, the Seabee gold operations in Saskatchewan, Canada and Puna Operations in Jujuy, Argentina.
Alacer's cornerstone asset is the Çöpler gold mine, in Turkey.
The new SSR would have a three-year average yearly production profile of about 780 000 oz of gold equivalent at an all-in sustaining cost of $900/oz.
"Consistent with our long-standing strategy of growth through a combination of organic development and M&A, the new SSR Mining will be well positioned to build on the strong foundation of both companies to continue growing and delivering value for all shareholders," said SSR Mining current CEO Paul Benson.
At closing, SSR Mining and Alacer shareholders would collectively own about 57% and 43% of SSR Mining, respectively, on an issued and outstanding share basis.
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