Northern Star to Buy De Grey Mining in $3.3 Billion Gold Deal
- Offer represents 37% premium to De Grey’s Friday closing price
- Australian gold miner gains access to Hemi project in Pilbara
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Northern Star Resources Ltd. will buy De Grey Mining Ltd. in an all-share takeover valuing the target at about A$5 billion ($3.3 billion), as gold producers seek to secure more supply amid soaring prices for the precious metal.
The Australian miner will acquire its smaller rival in a deal representing a 37% premium to De Grey’s closing price on Friday. The takeover hands Perth-based Northern Star full ownership of the Hemi project, a tier-one, low-cost asset in the Pilbara region of Western Australia.