{"id":1129955,"date":"2019-07-31T09:59:42","date_gmt":"2019-07-31T14:59:42","guid":{"rendered":"https:\/\/www.mining.com\/?p=998093"},"modified":"2019-07-31T09:59:42","modified_gmt":"2019-07-31T14:59:42","slug":"australias-resolute-mining-to-buy-junior-toro-gold-for-274m","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1129955","title":{"rendered":"Australia\u2019s Resolute Mining to buy junior Toro Gold for $274m"},"content":{"rendered":"<p>Australia\u2019s Resolute Mining (ASX:RSG) <a href=\"https:\/\/clients3.weblink.com.au\/pdf\/RSG\/02128910.pdf\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said Wednesday<\/a> it would buy West Africa-focused junior miner Toro Gold in a cash and stock deal worth $274 million, adding to the list of mergers and acquisitions the bullion sector has seen this year. <\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Resolute, which has two gold mines in Africa \u2014 Syama in Mali and Bibiani in Ghana \u2014 will pay $130 million in cash plus 142.5 million of its own shares for the smaller rival.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>The gold market has been undergoing a wave of consolidation on the back of strong prices for the yellow metal.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The Perth-based company hopes that<br \/>\nToro\u2019s Mako mine in Senegal will complement its own operations in West Africa<br \/>\nan take its full year 2019 gold production to 400,000 ounces.<\/p>\n<p>\u201cThe contribution of our highly profitable Mako gold mine and prospective exploration portfolio with Resolute Mining\u2019s portfolio of large scale, long life assets creates a compelling African gold investment proposition,\u201d Toro\u2019s chief executive, Martin Horgan, <a href=\"https:\/\/clients3.weblink.com.au\/pdf\/RSG\/02128910.pdf\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said in the statement<\/a>.<\/p>\n<p>The London-based junior gold miner started<br \/>\nproduction from the Mako project in Senegal in 2018, eight years after<br \/>\ndiscovery, with a total 157,000 ounces mined. It has been further exploring in<br \/>\nSenegal, Ivory Coast and Guinea.<\/p>\n<p>Resolute said that 94% of Toro Gold\u2019s<br \/>\nshareholders have committed to accept the takeover offer, enabling the company to<br \/>\ntake immediate control on August 2.<\/p>\n<p>The gold market has been undergoing<br \/>\na wave of consolidation on the back of strong prices for the yellow metal,<br \/>\nwhich has rallied from just above $1,300 per ounce in early January to $1,445<br \/>\nper ounce on Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Resolute is paying $130 million in cash plus 142.5 million of its own shares for West Africa-focused junior miner.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[43],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1129955"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1129955"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1129955\/revisions"}],"predecessor-version":[{"id":1129997,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1129955\/revisions\/1129997"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1129955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1129955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1129955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}