MELBOURNE: Australia's Ramelius Resources will take over smaller peer Spartan Resources, valuing the miner at A$2.4bil (US$1.5bil) on a debt-free basis, as rising bullion prices drive a wave of consolidation in the sector.

Australian gold producer Ramelius Resources will acquire its smaller rival Spartan Resources in a deal valuing the latter at approximately A$2.4bn ($1.5bn). The acquisition, proposed under a binding transaction implementation deed,

Ramelius Resources Ltd. will buy gold developer Spartan Resources Ltd. in a transaction valuing the smaller Australian producer at A$2.4 billion ($1.5 billion), as miners seek more supply amid soaring bullion prices.

Ramelius Resources wants to acquire Spartan Resources to create a larger gold-mining company that’s more appealing to investors, in a deal that values Spartan around $1.5 billion.

Ramelius Resources has agreed to buy West Australian gold miner Spartan Resources, winning over its smaller rival with a $2.4bn takeover bid.

Ramelius Resources’ potential $2.4 billion acquisition of Spartan Resources has set the mining industry abuzz. But how will it shape the country’s gold sector?

Australian gold miner Ramelius Resources Ltd (ASX: RMS) has announced plans to acquire Spartan Resources Ltd (ASX: SPR) in a A$2.4 billion ($1.5 billion) deal, creating a gold producer with a market capitalization of A$4.

Ramelius Resources agreed to acquire smaller Australian gold miner Spartan Resources in a cash and stock deal valued at ~A$2.4B (US$1.5B).