AuRico Metals Inc.
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AuRico Metals : Centerra Gold to buy AuRico Metals in C$310 million deal

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11/07/2017 | 01:41 pm
(Reuters) - Canadian miner Centerra Gold Inc (>> Centerra Gold Inc.) said on Tuesday it would buy smaller rival AuRico Metals Inc (>> AuRico Metals Inc.) in a deal valued at C$310 million ($243 million).

(Reuters) - Canadian miner Centerra Gold Inc (>> Centerra Gold Inc.) said on Tuesday it would buy smaller rival AuRico Metals Inc (>> AuRico Metals Inc.) in a deal valued at C$310 million ($243 million).

Centerra offered C$1.80 per share in cash, a 38.5 percent premium to AuRico last close on Monday.

Canadian miners have been boosting acquisitions at home as they come under pressure from foreign governments over profit-sharing at crucial mines.

Toronto-based Centerra reached an agreement with Kyrgyzstan in September to settle all outstanding disputes over the Kumtor gold mine, the company's biggest.

Earlier this year, miner Alamos Gold Inc (>> Alamos Gold Inc) <AGI.N>, agreed to buy Richmont Mines Inc (>> Richmont Mines Inc.) <RIC.N> in a deal valued at about C$905 million, creating a top-10 gold producer in North America.

Centerra's deal will be funded through cash in hand and debt and is expected to close in January 2018, the companies said in a joint statement.

Scotia Capital was financial adviser to Centerra, while Macquarie Capital Markets Canada Ltd advised AuRico.

(Reporting by Ahmed Farhatha in Bengaluru; Editing by Saumyadeb Chakrabarty)

Reuters 2017
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