OceanaGold buys Ausgold for $553M, enters Australia

Published Aug 17, 10:44 AM UTC

Canadian gold and copper producer OceanaGold is acquiring Australia's Ausgold for A$776 million (about $553 million), gaining its first foothold in Australia and control of the Katanning gold project in Western Australia. The offer values Ausgold at A$1.36 per share, a 27.7% premium. Shareholders will receive OceanaGold shares or cash and are expected to own 6-8% of the combined company. Katanning, with 1.25 million oz. of reserves, is expected to produce over 100,000 oz. annually for more than 10 years, with first gold targeted in 2029. The deal fills a production gap for OceanaGold before its Waihi North project in New Zealand contributes in 2033. The acquisition comes amid record gold prices near $4,399/oz, fueling sector consolidation. The transaction is expected to close in December 2026.