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Resolute Mining has signed a binding agreement to acquire Toro Gold for US$274m, which included US$130m in cash and 142.5m Resolute shares.
Accordingly, the company has revised its full-year production and cost guidance to 400,000oz of gold at an all-in sustaining cost of US$960/oz, which includes production from Toro Gold's high-margin Mako gold mine from the acquisition.
In 2018, Mako produced 156,926 ounces of gold at an all-in sustaining cost of US$655/oz.
The company said that 94% of Toro Gold shareholders had committed to accept the takeover offer, which would enable Resolute to take immediate control, effective 2 August 2019. All necessary regulatory approvals had already been secured, the company said.
At 10:02am: (LON:RSG) share price was -1.76p at 97.49p