OceanaGold completes Romarco Minerals deal

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Image credit: twitter.com/OceanaGold

Aussie OceanaGold has announced that it has completed the deal to acquire Canadian project developer Romarco Minerals.

Image credit: twitter.com/OceanaGold

According to the company’s announcement, Romarco shareholders will receive 0.241 of an OceanaGold common share for each Romarco common share held.

“The completion of our transaction with Romarco has transformed OceanaGold into a new leader within the intermediate gold sector. Our experienced development and operating professionals are looking forward to joining forces with the existing development team to bring Haile into production,” said Mick Wilkes, Managing Director & CEO of OceanaGold.

“This transaction cements OceanaGold as the low cost gold producer, globally. We thank the Shareholders of both OceanaGold and Romarco for their overwhelming support for the transaction and look forward to immediately transitioning towards execution and delivering on our strategic initiatives.”

Adertisement

According to Mr Wilkes, with the addition of the Haile gold mine, OceanaGold will enhance its already solid foundation of high margin, high quality operating assets.

“Supported by OceanaGold’s strong balance sheet, as well as its development and operating expertise, bringing the Haile Gold Mine through construction and into production will further diversify our global production profile and cement OceanaGold as the low cost gold producer globally. Shareholders have recognised the compelling attributes of the combined company, by demonstrating strong support for the transaction. This platform puts us in a unique position to continue delivering shareholder value in the many years to come,” he said.

Romarco Minerals president and CEO Diane Garrett said that the combination of the two companies would create a sector leading low-cost intermediate gold producer with a diversified asset base and a strong financial platform.