Westgold now also owns the Lakewood gold mill near Kalgoorlie.
“Today marks the next phase of Westgold’s evolution into a larger, unhedged and well-funded Australian gold producer,” managing director and chief executive, Wayne Bramwell, said in the statement.
The combined company is expected to have with an annual output of over 400,000 ounces of gold per year, ore reserves of 3.2 million ounces of gold, and resources of 13 million ounces of the metal. It also holds a pipeline of exploration prospects across two of Australia’s most productive gold fields, and has a market capitalization of about A$2.5 billion ($1.63bn).
Record-high gold prices have sparked significant activity in the Australian bullion sector. Evolution Mining (ASX: EVN) in December agreed to buy an 80% stake in the Northparkes copper-gold mine in New South Wales from Chinese miner CMOC Group. That followed the high profile acquisition of…
