OceanaGold to Acquire AusGold for US$549 Million
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Gold mining company OceanaGold has agreed to purchase AusGold for US$549 million to acquire its Katanning gold project. The company already operates four gold mines in three different countries across the US, New Zealand, and the Philippines. After buying AusGold, Katanning will become its fifth asset.
The Katanning project has the potential to become a large gold mine. According to its feasibility study, the project could produce more than 100,000 ounces of gold per year.
Ahead of that, OceanaGold is planning to do more drilling and technical work before production begins in 2029.
OceanaGold CEO and President, Gerard Bond, said that “The acquisition of AusGold adds an advanced, high-quality, low-capital, open-pit development asset to our portfolio at an attractive valuation.”
Currently, OceanaGold is working on other important projects as well, including Waihi North in New Zealand, Didipio mine in the Philippines, and Haile mine in the US. So, OceanaGold is not solely relying on the AusGold acquisition. It is actually expanding through both acquisitions and existing projects.
The Katanning acquisition complements OceanaGold’s existing organic growth pipeline, which is currently focused on expanding the resources and mining new deposits at its existing operations.
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The company took this step as gold prices are very high, and higher gold prices have helped gold mining companies generate stronger finances and confidence to buy other mining companies or projects.
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