Foreign acquisition Australia’s Northern Star Resources has an-nounced it is acquiring the Pogo underground gold mine in Alaska, in the U.S., for some US$260 million. The company will take over the 4.1 million oz mine from Sumitomo Metal Mining and Sumitomo Cor-poration.
"The Transaction is subject to minimal conditions and is expected to close in October 2018 with financial benefit from 1 July 2018," North-ern Star Resources said in a statement. It "will be funded from exist-ing cash on balance sheet and a fully underwritten A$175 million eq-uity capital raising via Northern Star’s unconditional ASX placement capacity".
In 2017, the Alaskan mine produced some 271,000 oz.
The Australian miner says it is listed on the Australian Securities Ex-change (ASX). Northern Star Resources runs projects located in the country’s Western Australia and the Northern Territory region.