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Australian gold miner Ramelius Resources said on Thursday it had ended discussions with Karora Resources for a potential acquisition of the Canada-based mine operator.
Following its usual disciplined due diligence process, Ramelius advises that no final agreement, including on value, was reached,” the company said. Earlier this month, Ramelius confirmed it was in talks with Karora, but did not disclose any deal value. However, a local news media report estimated the transaction value to be between A$700 million and A$1 billion.What the market interpreted to be an exploration miss at the Mila discovery on the Motagua Norte project turned out to help zero in on the actual gold source.The transaction, scheduled to close in July, is expected to create $515 million in cost-savings over about two decades of production.
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