Australian gold miner Northern Star Resources has announced the completion of its acquisition of gold mining company De Grey Mining through a court-approved scheme of arrangement.
Northern Star Resources agreed to acquire De Grey Mining in December 2024 in an all-share deal valuing the latter at around A$5bn ($3.25bn).
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Eligible De Grey shareholders have received 0.119 new Northern Star shares for each De Grey share they held on the record date of 28 April 2025.
Additionally, Northern Star has issued shares to the sale nominee for those shareholders deemed ineligible or required to be withheld due to Foreign Resident Capital Gains Tax considerations.
The sale nominee will sell these shares, and the net proceeds will be distributed to the affected shareholders as outlined in the De Grey Scheme Booklet.
Northern Star managing director and CEO Stuart Tonkin said: “The acquisition of De Grey is strongly aligned with Northern Star’s strategy to generate superior returns for shareholders. We believe that Hemi will deliver a low-cost, long-life and large-scale gold mine in the Tier-1 jurisdiction of Western Australia, further enhancing the quality of our asset portfolio and ability to generate cash earnings.
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By GlobalData“The Northern Star team looks forward to integrating Hemi into our portfolio and building strong relationships with the Kariyarra people, other Traditional Owners in the Hemi project area and additional Hemi project stakeholders.”
As part of the acquisition process, De Grey has initiated the procedure to delist from the Australian Securities Exchange (ASX).
The company’s shares, which have been suspended from trading since the scheme became effective, will be removed from the official ASX list, and their official quotation will be terminated after the close of trading today.
