Ramelius, Spartan lead gold rally as shareholders approve merger
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The news: Ramelius Resources and Spartan Resources shares lifted after Spartan shareholders voted overwhelmingly in favour of a proposed takeover by Ramelius, leading gold miner gains amid higher haven demand from US tariff tensions.
The numbers: Shares in Ramelius Resources had increased by 3.6% to $2.45 at 11:42am AEST, while shares in Spartan Resources were up 3.6% to $1.95.
The pair were leading gains among ASX-listed gold miners, tracking the spot price of gold which lifted in the previous session and was last up 0.18% to USD3,361.77 ($5,122.31) per ounce.
Vault Minerals (3.2%), Genesis Minerals (3%) and Northern Star Resources (2.8%) were also trading higher.
The context: Spartan announced to the exchange on Friday that its shareholders had overwhelmingly voted in favour of a proposed acquisition by Ramelius, with the deal expected to be completed on 31 July.
Meanwhile, the spot price of gold is continuing to grow as haven demand remained high after US President Donald Trump on Saturday announced that a 30% tariff rate on Mexico and the European Union would commence from 1 August.
The source: Bloomberg
