Australia’s Resolute Mining to acquire Africa’s Toro Gold for $274m

Photo: Dominik Vanyi/Unsplash

Resolute Mining Ltd said on Wednesday it would buy West Africa-focused Toro Gold Ltd in a cash and stock deal worth $274 million, as the company looks to expand production amid a run of consolidation in the gold industry.

West Australia-based Resolute, which has mining operations in Africa, said it would acquire privately held Toro for $130 million in cash and 142.5 million Resolute shares.

The gold industry has seen an increase in takeovers and mergers as miners look to bolster reserves to boost growth and take advantage of rising gold prices.

Gold prices have risen nearly 12% so far this year, with most of the gains coming in the June quarter.

Toro Gold’s flagship asset is the low-cost, high-margin Mako Gold Mine in Senegal, which is known as a mining friendly jurisdiction.

Resolute said it now expects full year 2019 production at 400,000oz of gold at an all-in sustaining cost of $960/oz, which includes production from the Mako acquisition.

It has received acceptances from 94% of Toro shareholders, giving it control of the company from Aug. 2, and will move to compulsorily acquire any residual shares on Sept. 13 (Reporting by Nikhil Subba in Bengaluru; editing by Richard Pullin).

Reuters 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.