THE two biggest gold mining sites in Victoria, Fosterville Gold Mine in Bendigo and Stawell Gold Mine, have been acquired by a Canadian-based company.
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Crocodile Gold, who operates gold mines in the Northern Territory including the Cosmo underground mine, has bought both Victorian mines in a $105 million dollar deal.
Crocodile Gold has bought all the shares of Northgate Minerals Corporation, who used to own and mine the two Victorian sites, from AuRico Gold, who took over operation of the sites last year.
“We are very pleased to be adding the Fosterville and Stawell mines to our portfolio of Australian assets," said Crocodile Gold president Chantal Lavoie.
"The two mines will add meaningfully to Crocodile Gold’s near-term production as our Cosmo mine continues to ramp up to steady state.
"We also believe that significant synergies exist between the operations that should create additional value for Crocodile Gold and the shareholders.
"Very important to the transaction is the wealth of knowledge and technical expertise that Fosterville and Stawell’s teams bring to Crocodile Gold."
