Gold miner De Grey denies buyout offer, shares lift
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The news: Gold explorer De Grey Mining has denied a media report that it received a buyout proposal from Canada’s Agnico Eagle, with shares in the company up after a brief trading pause.
The numbers: Shares in the company were up 1.5% to $1.36 after resuming trading.
The context: De Grey said a media report in The Australian regarding the buyout was incorrect and “pure speculation”.
The report said Agnico has submitted a buyout proposal for the $3.2 billion Australian gold miner after months of discussion.
Earlier this year, De Grey raised $600 million to fund the ongoing development of its $1.3 billion Hemi gold project in Western Australia, which is expected to be among the five biggest gold mines in the country.
First gold production at the project is expected in 2026. Rival miner Gold Road Resources is already a major shareholder with a stake of more than 17%.
The source: ASX announcement
