Hong Kong-listed Zijin Gold International is snapping up Canada’s Allied Gold in an all-cash C$5.5bn (US$4bn) deal that underscores how record-high bullion prices are driving consolidation in the sector.
Allied, which has mines in Ethiopia, Mali and Côte d’Ivoire, welcomed the deal, which at C$44 a share represents a 27 per cent premium to Allied’s undisturbed 30-day average.
The transaction comes at a time when gold miners are inundated with cash owing to soaring bullion prices, leaving the sector facing choices about how to spend the windfall profits — which are also driving a wave of dealmaking.
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