South African mining company Gold Fields Ltd. has entered into an agreement to acquire Canadian gold mining company Osisko Mining Inc. This is reported in a Gold Fields press release.
The transaction value is 2.16 billion Canadian dollars ($1.6 billion) at a price of 4.90 Canadian dollars per share (66.7% higher than the closing price on August 9, 2024).
As part of the deal, Gold Fields will gain full control over the Windfall Gold mining project in Canada, which is currently a joint venture with Osisko on a 50/50 parity basis.
The deal is in line with a strategy to diversify operations outside the country amid a sharp rise in gold prices and improve the quality of the portfolio through investments in high-quality assets with a long service life.
Osisko Mining is a Canadian precious metals mining company. Osisko Mining specializes in gold mines in the Abitibi Gold Belt in Quebec. The headquarters is located in Toronto (Canada).
Gold Fields is a South African mining company headquartered in Johannesburg, South Africa. The company has assets in Australia, Ghana, South Africa and Peru. Gold Fields was founded in 1998 as part of the merger of the gold mining assets of Gold Fields of South Africa and Gencor.
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