Australian gold miner Ramelius Resources has ended discussions to buyout Canadian-based, Western Australia-focused Karora Resources, reported Reuters.
“Following its usual disciplined due diligence process, Ramelius advises that no final agreement, including on value, was reached,” the company said.
The news agency said a local report estimated the transaction value to be between A$700 million and $1 billion.
Karora Resources, which is focused on increasing gold production at its Beta Hunt gold mine and Higginsville gold operations in Western Australia, said it was engaged in exclusive negotiations with a new third party regarding a potential merger.
Source: Reuters