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Australian gold miner Ramelius Resources Ltd (ASX: RMS) has announced plans to acquire Spartan Resources Ltd (ASX: SPR) in a A$2.4 billion ($1.5 billion) deal, creating a gold producer with a market capitalization of A$4.2 billion ($2.7 billion).
Under the agreement, Spartan shareholders will receive A$0.25 in cash and 0.6957 Ramelius shares per Spartan share, representing an 11.3% premium to Spartan’s last closing price of A$1.60 on March 14. The merger, executed via a scheme of arrangement or a conditional off-market takeover offer, aims to establish a mid-tier gold powerhouse with a 12.1 million-ounce resource base and an annual production target exceeding 500,000 ounces by 2030.
Spartan’s board has unanimously backed the deal, urging shareholders to vote in favor unless a superior proposal emerges. Ramelius Managing Director Mark Zeptner highlighted that the acquisition will "supercharge" the company’s Mt Magnet production hub, enhancing efficiency and future output.
Following the announcement, Ramelius shares dipped 1% to A$2.18, while Spartan shares surged 10.3% to A$1.768 as of 23:47 GMT. The transaction remains subject to shareholder and regulatory approvals.
This merger marks a strategic consolidation in the Australian gold mining sector, reinforcing Ramelius’ position as a leading mid-tier producer. The combined entity is set to capitalize on strong market demand and growing gold reserves, bolstering its competitive edge in the industry.
