Consolidation of the gold sector continues apace, with Silver Lake Resources launching a takeover bid for Integra Mining on the opening morning of the annual Diggers and Dealers conference in Kalgoorlie.
Both companies operate gold projects near the famous goldfields city, and their union would create a $426 million deal that continues a recent trend in the gold sector.
Under the deal, Integra shareholders will get one Silver Lake share for every 6.28 shares they own, creating a 44 per cent premium to Integra's last closing price.
The deal, which would create a gold miner with 6.6 million ounces of gold resources, has unanimous support from both companies.
Corporate activity has been building recently in the gold sector, with St Barbara seeking to merge with Allied Gold, and Singaporean group LionGold sweeping up at least five struggling Australian gold juniors.
pker@theage.com.au
