MELBOURNE, Australia, and TORONTO – OceanaGold Corp. and Romarco Minerals have agreed to a deal that will see OceanaGold acquire all of the issued and outstanding Romarco common shares. The all-share deal puts a value of about C$856 million on Romarco and its principal asset, the Haile gold development project in South Carolina.
The combined company will produce roughly 540,000 oz of gold annually by 2017 at an all-in sustaining cost of US$600 per oz. About 75% of the company's gold output will come from the Haile mine and OceanaGold's three mines in New Zealand. OceanaGold also has mines in the Philippines and El Salvador.
Details of the arrangement are available at OceanaGold.com and Romarco.com.