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

Published Aug 17, 10:44 AM UTC

Canadian gold and copper producer OceanaGold has agreed to acquire Australian miner Ausgold 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, a development-stage asset with over 1.25 million ounces of reserves and a projected mine life exceeding 10 years. The offer values Ausgold at A$1.36 per share, a 27.7% premium to its last close. 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 2026. Analysts note the acquisition addresses a production gap for OceanaGold before its Waihi North project in New Zealand contributes in 2033, with Katanning expected to begin production in 2029. The deal comes amid heightened gold-sector consolidation as record bullion prices near $4,399 per ounce strengthen producers' balance sheets.