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December 4, 2024Northern Star acquires De Grey for $3.3 billion
Leading Australian gold miner Northern Star Resources has announced a $3.3 billion acquisition of De Grey Mining, taking over De Grey’s prized Hemi gold project.
“This acquisition reinforces Northern Star’s position as the leading ASX-listed gold company and a top-ten global gold producer,” stated Stuart Tonkin, CEO of Northern Star.
According to last month’s estimates, Northern Star has 11.2 million ounces of mineral resources and 6 million ounces of reserves. With a planned annual production of 530,000 ounces over its first decade, the project could boost Northern Star’s overall production capacity to 2.5 million ounces annually by 2029.
Northern Star structured the deal as an all-stock transaction, with De Grey shareholders receiving 0.119 Northern Star shares for each De Grey share, valuing De Grey at $3.3 billion (A$5 billion). This price represents a 43.9% premium to De Grey’s 30-day volume-weighted average share price.
Northern Star shareholders will own 80.1% of the combined company upon completion, while De Grey shareholders will hold 19.9%. Both boards have unanimously approved the deal, describing it as a win for shareholders of both entities. De Grey’s CEO, Glenn Jardine, highlighted that the agreement provides De Grey shareholders with continued exposure to Hemi’s potential while gaining access to Northern Star’s diversified asset base and proven operational capabilities.
