By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News. August 23, 2024. Article no 1183.
South African gold miner Gold Fields buys Canada’s Osisko Mining for CAD $ 2.16 billion ($1.57 billion) in an all-cash deal. This transaction involves Gold Fields purchasing Osisko shares at CAD $4.90 each, representing a 55% premium over Osisko’s average trading price prior to the announcement.
According to a press release from Gold Fields, as a result of the transaction, it will gain full control over the development of one of Canada’s largest gold deposits, Windfall. Currently, Gold Fields and Osisko Mining participate in this project in equal shares.
Gold Fields will pay C$4.9 per share of Osisko Mining, which is 67% higher than the price of securities at the close of the market on Friday.
The boards of directors of both companies approved the deal, the parties expect to close it in the fourth quarter of this year.
Read also : Gold : Build Your Wealth and Freedom
According to Osisko Mining, the volume of gold production at the Windfall deposit will be about 300 thousand ounces per year at an all-in sustaining cash cost (AISC) of $758 per ounce.
Both companies’ boards have unanimously approved the transaction, which is subject to approval from Osisko’s shareholders in a meeting anticipated for October 2024. The acquisition is expected to close in the fourth quarter of 2024, pending regulatory and court approvals.
Gold Fields is one of the world’s largest gold miners. The company is headquartered in South Africa. In total, Gold Fields has 9 active deposits: in Australia, Ghana, Chile, Peru, South Africa, as well as one project in Canada.
Our community already has nearly 135,000 readers!
Subscribe to our Telegram channel
Notify me when a new article is published:
Follow us on Telegram, Facebook and Twitter
© Copyright 2024 – Eurasia Business News. Article No. 1183.
Eurasia Business News 