Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
Catalpa Resources and Conquest Mining have agreed to merge and buy a new asset from Newcrest Mining, Perth Now reported.
The newspaper says the new entity will acquire a 70 percent stake in Newcrest’s Cracow gold mine and will also buy the Mt Rawdon gold mine from Newcrest:
In a statement to the Australian Securities Exchange Catalpa and Conquest said the merged company will be in a position to produce 400-450,000 ounces of gold by 2013, putting it into to the top five of the local gold producers.
The combined market cap would be about $1.2 billion.
