Osisko Mining Shares Rise on Gold Fields $1.57 Billion Acquisition
By Adriano Marchese
Osisko Mining shares soared Monday morning after South African gold mining firm Gold Fields said it would buy Osisko Mining for $1.57 billion.
Shares of Osisko were trading nearly 63% higher in Toronto at 4.79 Canadian dollars ($3.49).
Under the deal Gold Fields is offering C$4.90 in cash for each Osisko share held. The price is a 67% premium to its closing price of C$2.94 on Friday.
The acquisition is expected to give the Gold Fields full control of the Windfall project in Canada as it seeks to secure supply amid soaring gold prices.
Windfall is expected to produce around 300,000 ounces of gold a year at an all-in sustaining cost of $758 an ounce, Gold Fields said.
The deal is expected to close in the fourth quarter of this year.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
August 12, 2024 10:29 ET (14:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks
United States