Westgold evolves into top-five Australian gold producer
A new chapter has arrived for Westgold, with the completion of its acquisition of Western Australia-focused Karora.
The merger has established Westgold as a top-five Australian gold producer, with a proforma market capitalisation of A$2.5-billion. The enlarged company will produce about 400 000 oz/y.
Westgold starts its new growth phase with a robust balance sheet and a plan focused on realising a potential A$281-million in corporate cost savings and A$20-million in operating synergies, said MD and CEO Wayne Bramwell.
“Today marks the next phase of Westgold’s evolution into a larger, unhedged and well-funded Australian gold producer. Our value proposition is significantly enhanced with an expanded team, quality operating assets and an enviable pipeline of exploration prospects across two of Australia’s most productive gold fields,” he said.
“I am proud to officially welcome our new shareholders and the Karora team to Westgold,” added Bramwell.
Karora chairperson and CEO Paul Huet commented that the growth of the company from a single mine with no mill to a multi-mine producer with two processing facilities had led Karora along an upward trajectory for nearly six years.
“The combination of Karora and Westgold to create a new Westgold is a transformative step that will ensure growth continues as an unhedged gold producer in a historically robust gold market.
“The timing couldn’t be better in my opinion,” said Huet.
The Westgold shares are listed for trading on the ASX and, subject to final approval of the TSX, will start trading on the TSX under the ticker symbol WGX at market open on August 6.
Karora has applied to delist the Karora shares from the TSX, and delisting is expected to be effective at market close on August 2.
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