Hillside represents the largest permitted and shovel-ready copper project in Australia.

Deal will make the combined group a mid-tier gold miner producing around 400,000 ounces of gold a year in Western Australia.

Newmont remains the top gold producer with 5.5 million oz. across its global operations, which span four continents.

Australian coal stocks are headed for their best week in years.

The company has halted operations at a mill at its zinc mine in Australia for about two months of repair work.

Investors are moving into gold equities from bullion, and the gold price may increase while central banks increase purchases as the US election approaches, BMO analysts said.

Top banks, including the ANZ, the Commonwealth Bank of Australia and the National Australia Bank, have backed the miner.