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OceanaGold to acquire Ausgold for $776M
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OceanaGold to acquire Ausgold for $776M

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  • OceanaGold agreed to acquire 100% of Ausgold in a transaction valued at $776 million.
  • Ausgold shareholders receive 0.03365 OceanaGold shares or cash capped at $164 million total.
  • The transaction expands OceanaGold's growth pipeline by adding Western Australia's Katanning Gold Project.

OceanaGold agreed to acquire Ausgold (ASX:AUC) for $776 million to expand Australian production.

Under the agreement, Ausgold shareholders receive 0.03365 OceanaGold shares, implying $1.36 per Ausgold share.

“The acquisition of Ausgold adds an advanced, high-quality, low-capital, open-pit development asset to our portfolio at an attractive valuation,” said OceanaGold CEO Gerard Bond.

The company stated that Ausgold investors can choose cash capped at $164 million, with board support confirmed.

Following the announcement, the Ausgold share price was up at $1.06.

The Katanning Gold Project represents an open-pit development target located in Western Australia.

The company stated that Katanning will become its fifth operating asset upon completion of the transaction.

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