Mining royalty company Royal Gold has agreed two acquisitions worth $3.7bn, in the latest deals to show how record bullion prices are driving consolidation in the highly fragmented sector.
The Nasdaq-listed company said on Monday it would buy Toronto-quoted Sandstorm Gold in an all-share $3.5bn transaction, and would also acquire Horizon Copper — whose biggest shareholder is Sandstorm — for $196mn in cash.
The deals have been agreed by the boards of all three companies and are set to make Royal Gold one of the world’s top streaming companies, which pay mines upfront for a future “stream” of their output or royalties on profits.
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