HomeBusiness and policyResolute Mining acquires Toro Gold

Resolute Mining acquires Toro Gold

Resolute Mining will acquire of Toro Gold for US$305 million comprising US$130 million of cash and 142.5 million of Resolute shares.

It is intended that the acquisition will be implemented by means of a takeover under the Companies (Guernsey) Law 2008, with the entire share capital of Toro Gold being acquired by Resolute Mining.

Martin Horgan, CEO of Toro Gold, comments:

“This acquisition provides our shareholders with the opportunity to realise immediate value for their shareholding in cash while also receiving a meaningful interest in a premier African gold producer as shareholders of the enlarged Resolute Mining.

“In the ten years since we founded Toro Gold, the management team has taken a greenfield exploration discovery through to a highly successful producing mine which is testament to the quality and professionalism of the Toro Gold team.

“I am delighted that we will be joining an excellent company in Resolute who share our vision of a professional approach to value creation in the sector.

The contribution of our highly profitable Mako gold mine and prospective exploration portfolio with Resolute Mining’s portfolio of large scale, long life assets creates a compelling African gold investment proposition.

“I believe the enlarged group offers significant benefits to our existing stakeholders, partners and host governments across Africa through the creation of a larger, more financially robust company with better risk diversification.

“I would like to add my personal thanks to the many people that have contributed to the success of Toro Gold and look forward to the next stage of the group’s evolution as part of the enlarged Resolute Mining group.”