Galiano Gold to Acquire 45% Stake in Ghana Gold Mine from Gold Fields
By Adriano Marchese
Galiano Gold agreed to acquire a 45% interest in a mine in Ghana from a subsidiary of Gold Fields, setting a foothold in the African mining space.
The Vancouver, British Columbia-based miner said Thursday that it has entered into a binding share purchase agreement with the subsidiary to acquire the stake in the Asanko gold mine.
The company said it will issue $20 million worth of its shares, and that there will be a future cash consideration of up to $85 million and a capped 1% net-smelter return royalty on 447,000 ounces of gold for Gold Fields.
Upon closing of the acquisition, which is expected in the first quarter next year, Gold Fields will also receive $65 million in cash, equivalent to its effective interest in the cash balance of the joint venture.
Galiano expects average annual gold production to be about 240,000 ounces between 2024 and 2030, and it said that this doubles Galiano's attributable gold production, cash flow and mineral reserves.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 21, 2023 08:17 ET (13:17 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations