Independence Group has signed a bid implementation agreement with Jabiru Metals, to acquire all the shares of Jabiru for A$532m (US$533m), A$0.96 a share.

Under the agreement, Jabiru shareholders will receive one Independence Group share for every eight Jabiru shares held.

This acquisition will also create a combined group with pro forma market capitalisation of about A$1.5bn (US$1.5bn), the company said.

Independence Group managing director Christopher Bonwick said the acquisition would bring together a unique and high-growth portfolio of production, development and exploration assets.

The combined group’s portfolio of production and development assets will include exposure to metals like nickel, copper, gold, silver and zinc.