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Gold miners' profits 'set to explode' but companies persist with no-premium mergers
By Gabriel Friedman
National Post, Toronto
Monday, May 11, 2020
In a reminder that some market forces still exert more power than the economic fallout from COVID-19, Vancouver-based SSR Mining Inc. today announced a no-premium, all-stock "merger of equals" with Denver-based Alacer Gold Corp. that was months in the making and would create a US$4 billion company.
The deal marks the latest in a string of mergers in the gold sector during the past 18 months, a trend that has continued even as the coronavirus pandemic has radically handicapped investors' ability to conduct due diligence such as site visits to mines.
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During a presentation to analysts, Rod Antal, who will move up from chief executive of Alacer to chief executive of the newly combined entity, SSR, once the deal closes in the third quarter, bluntly dismissed coronavirus as a factor, saying talks started last November, allowing ample time for face-to-face meetings before the pandemic.
While the combination doesn't offer any obvious operational synergies, and any savings on corporate expenses have yet to be calculated, Antal and outgoing SSR CEO Paul Benson promised that the scale and diversification of a combination would bring relevance in a world crowded with intermediate gold producers. ...
... For the remainder of the report:
https://business.financialpost.com/commodities/mining/gold-miners-profit...
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