SSR-Alacer merger gets final approval

MINING.COM Staff Writer | July 17, 2020 | 10:01 am Markets Canada Gold

Turkey plans to produce 100 tonnes of gold annually in 5 yrs

The Copler gold mine in east-central Turkey. Credit: Alacer Gold

Alacer Gold (TSX: ASR) announced on Friday that it has obtained a final order from the Supreme Court of Yukon approving the merger with SSR Mining (TSX: SSRM).

In May, Vancouver-based SSR Mining agreed to a deal to acquire its Canadian counterpart in an all-stock, zero-premium deal valued at C$2.4 billion ($1.7 billion).

The combined company would be estimated to produce an average of 780,000 gold equivalent ounces

Pursuant to the transaction, shareholders of Alacer will receive 0.3246 SSR Mining shares for each Alacer share held.

The business combination would see Alacer’s flagship Çöpler mine in Turkey added to SSR’s existing portfolio that includes the Marigold gold mine in Nevada, the Seabee gold operations in Saskatchewan and the Puna operations in Jujuy, Argentina.

The combined company would be estimated to produce an average of 780,000 gold equivalent ounces at ~$900/oz all in sustaining costs (AISC) over the next three years.

Alacer’s stock was trading up 3% on the TSE midday Friday. The company’s market value is C$2.7 billion.

SSR’s stock traded up 2.6% on the TSE midday Friday. The company’s market value is C$3.6 billion.