OceanaGold to acquire Ausgold for $553M, marking first entry into Australia

Published Aug 17, 10:44 AM UTC

Canadian gold and copper producer OceanaGold (TSX, NYSE: OGC) is acquiring Australian firm Ausgold (ASX: AUC) for A$776 million (approximately $553 million), marking its first acquisition in Australia. The deal gives OceanaGold control of the Katanning gold project in Western Australia, located 275 km southeast of Perth. The offer values Ausgold at A$1.36 per share, a 27.7% premium to its Friday close. Ausgold shareholders will receive 0.03365 OceanaGold common shares per share, with an option for cash. Ausgold's board unanimously recommends the deal, and major shareholder Dundee (7.7% stake) intends to vote in favor. The transaction is expected to close in December, subject to approvals. The acquisition adds to OceanaGold's growth pipeline alongside new mines in the US and New Zealand. The deal comes amid heightened gold-sector consolidation driven by record bullion prices, with gold trading near $4,399 per ounce.