Orica Ltd

ORI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$58.10	Csc	Krzgsfr

Corporate Action: Orica to Acquire Cyanco; We Recommend Participation in the Associated SPP

Mark Taylor

Feb 22, 2024

No-moat Orica is acquiring US sodium cyanide manufacturer and distributor Cyanco Intermediate 4 Corp., or Cyanco, for USD 640 million on a cash-free, debt-free basis. The firm serves the gold mining industry in the US, Canada, Mexico, Latin America, and Africa. Orica will fund the acquisition from existing debt facilities, a AUD 400 million placement already completed, and a AUD 65 million share purchase plan, or SPP.

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