Australia's Alkane to acquire Canada's Mandalay in $358 million merger deal
April 28 (Reuters) - Australia's Alkane Resources (ALK.AX), opens new tab will acquire Canada's Mandalay Resources (MND.TO), opens new tab in an all-share deal valued at A$559.1 million ($357.8 million), the companies said on Monday, creating a combined diversified gold and antimony producer.
The merged entity will have an implied market capitalization of A$1.01 billion.
The tie-up joins a wave of consolidation sweeping the global gold sector as miners capitalize on bullion prices hovering near record highs to strengthen their portfolios and operational footprints.
Under the transaction, described as a "merger of equals," Mandalay shareholders will receive 7.875 Alkane shares for each Mandalay share, giving them about 55% ownership of the combined entity.
The merged company expects to produce 160,000 gold-equivalent ounces in 2025, rising to over 180,000 ounces in 2026, operating three established mines - two in Australia and one in Sweden.
Current Alkane Managing Director Nic Earner will lead the Australian-headquartered company, which will combine Alkane's recently expanded Tomingley gold operation with Mandalay's Costerfield gold-antimony mine in Australia and Björkdal gold mine in Sweden.
($1 = 1.5623 Australian dollars)
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