Australian gold miners Northern Star, Saracen agree to $16b merger

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Australian gold miners Saracen and Northern Star have sealed a deal to merge into a $16 billion company that would rank in the ten biggest producers worldwide and expand output at a time of soaring gold prices | NickToscano1

Australian gold miners Saracen and Northern Star have sealed a deal to merge into a $16 billion company that would rank in the ten largest producers worldwide and expand output at a time of soaring gold prices.

The savings, the synergies and growth opportunities it will generate make the transaction extremely compelling."The deal comes as gold has proven one of this year's best-performing commodities, passing an all-time high of $US2075 an ounce, as the coronavirus pandemic causes investors to seek out out safe havens to protect their wealth from the effects of economic uncertainty and unprecedented global stimulus.

The proposed merger comes after Saracen and Northern Star have separately snapped up 50 per cent stakes in the Kalgoorlie Super Pit, one of the country's largest gold mines, and become joint-venture partners.

 

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