OceanaGold to buy Romarco for $856M

OceanaGold (TSX: OGC; ASX: OGC) is offering to buy Romarco Minerals (TSX: R) in an all-share $856 million deal to secure low cost growth with the junior’s Haile gold mine, which is currently under construction.

OceanaGold (TSX: OGC; ASX: OGC) is offering to buy Romarco Minerals (TSX: R) in an all-share $856 million deal to secure low cost growth with the junior’s Haile gold mine, which is currently under construction.

“This transaction further cements Oceana’s position as the lowest cost gold producer. Once Haile is in production, Oceana would be further insulated from the volatility of the precious metals markets by operating two long life, low cost assets,” OceanaGold’s CEO Mick Wilkes said on a conference call.

The other “low-cost” asset OceanaGold has is the Didipio gold-copper mine in the Philippines. Didipio boasted all-in sustaining costs of US$318 per oz of gold, minus copper credits, during the first half of 2015. The mine should run until 2030.

Read the complete article at NorthernMiner.com/news/oceanagold-to-buy-romarco

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