Karora Resources Inc. (TSX: KRR) confirmed on Thursday that it is currently in discussions with Ramelius Resources Ltd (ASX: RMS) regarding a potential business combination.

“Discussions remain confidential and incomplete. No definitive agreement has been reached,” said the miner in a press release.

The Canadian gold miner has its integrated Beta Hunt Gold Mine and Higginsville Gold Operations in Western Australia.

Ramelius also operates in Western Australia. The company’s Wattle Dam mine, located approximately 70km south of Kalgoorlie, operated from 2006 to 2013; it was at one stage the highest grade gold mine in Australia.

Additionally, Ramelius owns and operates two production and processing hubs at Mt Magnet and Edna May, both located in Western Australia.

On Thursday, it announced that the company’s securities would be placed in a trading halt, pending its release of an announcement.

“Unless ASX decides otherwise, the securities will remain in a trading halt until the earlier of the commencement of normal trading on Monday, March 11, 2024, or when the announcement is released to the market,” said the company in a press release.

Shares in Karora rose 4.25% on Thursday. The company has a $649 million market cap. Ramelius’ stocks declined 2.83%, for a market cap of $1.2 billion.

Source: MINING.COM – Read More