{"id":10273,"date":"2024-05-29T06:35:50","date_gmt":"2024-05-29T06:35:50","guid":{"rendered":"https:\/\/economicherald.net\/?p=10273"},"modified":"2024-05-29T06:35:50","modified_gmt":"2024-05-29T06:35:50","slug":"monsters-of-rock-gold-producers-westgold-and-ramelius-are-fighting-about-a-takeover-or-something-its-a-little-unclear-right-now","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10273","title":{"rendered":"Monsters of Rock: Gold producers Westgold and Ramelius are fighting about a takeover or something, it\u2019s a little unclear right now"},"content":{"rendered":"

Materials handily outperforms broader ASX with a gallant ~0.2% loss
\nA Takeover Panel release to the ASX today reveals gold producers Ramelius and Westgold entered confidential M&A talks November last year
\nWestgold subsequently announced acquisition of TSX-listed local miner Karora in a deal which could make it a 400,000ozpa producer
\nRamelius is mad<\/p>\n

\u00a0<\/p>\n

In another tough day on the bourse \u2013 the ASX plunged -1.0% for the second time in four days \u2013 Materials handily outperformed with a gallant ~0.2% loss.<\/p>\n

This is thanks to healthy base metals, gold, and iron ore prices, which were all up overnight despite flaring tensions in the Middle East.<\/p>\n

Copper futures notably rebounded 2% \u201cas the prospect of interest rate cuts, a weaker US dollar, and some robust industrial profits data from China encouraged buying\u201d, says CommSec.<\/p>\n

The year-to-date price chart now looks something like this:<\/p>\n

\u00a0<\/p>\n

Year-to-date 3mth copper price. Source: LME.<\/p>\n

\u00a0<\/p>\n

Some good news for critical minerals as well:<\/p>\n

\u00a0<\/p>\n

Australian miners of critical minerals, including Pilbara Minerals $PLS<\/a> and Lynas Rare Earths $LYC<\/a>, may get a boost on Wednesday after the nation and the EU struck an agreement to increase cooperation and investment in the sector. #ausecon<\/a> #auspol<\/a><\/p>\n

\u2014 CommSec (@CommSec) May 28, 2024<\/a><\/p>\n\n

\u00a0<\/p>\n

Both Pilbara (ASX:PLS)<\/strong><\/a> and Lynas (ASX:LYC)<\/strong><\/a> enjoyed small gains.<\/p>\n

And its looks like WA gold producers Westgold (ASX:WGX)<\/strong><\/a> and Ramelius (ASX:RMS)<\/strong><\/a> are butting heads, with RMS shooting off a complaint to the Australian Government\u2019s Takeover Panel.<\/p>\n

A Takeover Panel release to the ASX today reveals ~280,000ozpa RMS and 230,000ozpa WGX entered confidential M&A talks November last year.<\/p>\n

In April this year WGX announced the acquisition of TSX-listed local miner Karora in a deal which could make it a 400,000ozpa producer.<\/p>\n

This appears to have rubbed RMS the wrong way, but the details are blurry. All we know is WGX has gained over 6% today, while RMS is down a similar amount. Stay tuned.<\/p>\n

Meanwhile De Grey (ASX:DEG)<\/strong><\/a> wrapped up the retail component of its monster ~$600m raise, with punters tipping ~$85m in the gold developers pockets at $1.10\/sh.<\/p>\n

The equity raise is a key milestone towards debt funding development of its giant +10Moz, 530,000ozpa Hemi gold deposit. The cash will increase DEG\u2019s cash balance to $919m which the company says is more than sufficient to fund the equity part of the mine development.<\/p>\n

Approved term sheets from debt financiers remains on schedule for mid-2024, the company said earlier this month.<\/p>\n

\u00a0<\/p>\n

Monster share prices today:<\/h2>\n\n

\ufeff<\/span><\/span>\u00a0<\/p>\n

\u00a0<\/p>\n

Today\u2019s Best Miners <\/h2>\n

South32 (ASX:S32)<\/a><\/strong> (diversified) +1.3%<\/p>\n

Westgold (ASX:WGX)<\/a><\/strong> (gold) +6%<\/p>\n

Resolute Mining (ASX:RSG)<\/a><\/strong> (gold) +3.8%<\/p>\n

Genesis Minerals (ASX:GMD)<\/a><\/strong> (gold) +3.6%<\/p>\n

\u00a0<\/p>\n

Today\u2019s Worst Miners <\/h2>\n

Ramelius Resources (ASX:RMS)<\/strong><\/a> (gold) -6.8%<\/p>\n

Adriatic Metals (ASX:ADT)<\/a><\/strong> (silver, base metals) -4.5%<\/p>\n

Fortescue (ASX:FMG)<\/a><\/strong> -3.3%<\/p>\n

<\/span><\/p>\n

The post Monsters of Rock: Gold producers Westgold and Ramelius are fighting about a takeover or something, it\u2019s a little unclear right now<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Materials handily outperforms broader ASX with a gallant ~0.2% loss A Takeover Panel release to the ASX today reveals gold producers Ramelius and Westgold entered [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10274,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nMonsters of Rock: Gold producers Westgold and Ramelius are fighting about a takeover or something, it\u2019s a little unclear right now - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=10273\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monsters of Rock: Gold producers Westgold and Ramelius are fighting about a takeover or something, it\u2019s a little unclear right now - 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