Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Two of the world’s largest mining bourses are talking about a merger, according to two major newspapers who broke the story on Tuesday.
The TMX Group Inc. and the London Stock Exchange PLC plan to create a $6-billion “merger of equals” that would “bring together the world’s premier mining markets,” the Globe and Mail reported.
TMX confirmed late Tuesday that it was in “advanced discussions” with the LSE, according to the Globe.
“Current discussions contemplate an exchange ratio close to the current market capitalization of London Stock Exchange Group PLC and TMX Group Inc.,” it said after The Globe and Mail and British media outlets reported the deal.
Both exchanges are heavily-weighted toward resource stocks; 34 percent of London’s benchmark FTSE 100 contains 34 percent mining and energy companies, says The Globe.
According to The Financial Times newspaper, the combined group would be the seventh-biggest exchange in the world, and the largest for mining listings. The new company would be headed by LSE chief executive officer Xavier Rolet, while TMX chairman Wayne Fox would be chairman, and TMX CEO Thomas Kloet president, the Financial Times said.
The proposed merger follows closely on the heels of a mega stock exchange deal announced earlier this month, when Singapore Exchange agreed to a US$8.3 billion takeover of Australia’s ASX Ltd. to create Asia’s fourth-largest bourse, according to The Globe and Mail.
