Mining analysts have described the $16 billion merger between the co-owners of Kalgoorlie-Boulder's Super Pit as a "sensible" deal that could prolong the life of one of Australia's biggest gold mines.The owners of the Super Pit each spent $1.1 billion to acquire 50 per cent stakes in the gold mine in November 2019 and January 2020
"Interestingly, a lot of people had been talking about these two coming together for a long time and how it makes a lot of sense.Northern Star Resources CEO Stuart Tonkin, left, Saracen Mineral Holdings managing director Raleigh Finlayson and Northern Star executive chairman Bill Beament at the Diggers and Dealers Mining Forum in Kalgoorlie-Boulder in October.
Saracen's stock has enjoyed a similar ride, up from $3.39 when the miner bought into the Super Pit to a record high of $6.75 late last year. In fact, union officials in 1989 had considered it "impossible" for the Super Pit to see out the millennium. Another mining front is fixing the eastern wall which sustained a significant rockfall in May 2018 and threatened the mine's short-term future.
Mr McCormack said the future now looked bright and he expected the Super Pit to benefit from a single owner.
Is this why the freo doctor isn't making house calls for a week?