Australia’s biggest gold miner, Northern Star, has agreed to buy smaller rival De Grey Mining for $5 billion, as the soaring value of the precious metal bankrolls the highest price offered for an undeveloped Australian gold project.
Producers’ balance sheets have swelled as the potential tumult caused by the looming return of Donald Trump to the White House and global economic uncertainty drive gold above $US2600 ($4000) per ounce.
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Mark Wembridge covers resource companies for The Australian Financial Review, based in Perth. He formerly worked for the Financial Times in London and Hong Kong. Connect with Mark on Twitter. Email Mark at mark.wembridge@nine.com.au