Shareholders give Kalgoorlie’s ‘merger of equals’ a golden pass
West Australian gold miners Saracen and Northern Resources are set to merge next month after Saracen shareholders voted overwhelmingly in favour of the proposal on Friday.
Saracen said more than 98 per cent of shareholders voted in favour of Northern Star acquiring all of the company’s shares to create a $16 billion gold mining behemoth, the second-biggest in Australia and in the top 10 globally.
Saracen managing director Raleigh Finlayson said the merged company would target an annual production of 2 million ounces a year in tier-one locations.
“I would like to thank them for their huge vote of confidence in our plan to create a world-scale gold miner which will benefit from extensive synergies, economies of scale, outstanding free cash flow and one of the strongest growth profiles in the global gold mining industry,” he said.