December 16, 2019 / 11:19 PM / 2 months ago

Australia's Northern Star to buy 50% stake in KCGM for $800 mln

Dec 17 (Reuters) - Gold miner Northern Star Resources Ltd said on Tuesday it had entered into an agreement with Australian unit of Newmont Gold Corp to buy 50% stake in Kalgoorlie Consolidated Gold Mines (KCGM) for $800 million.

KCGM is a joint venture between Newmont and Saracen Mineral Holdings and includes the super pit in Kalgoorlie, Western Australia, among other deposits.

Northern Star said the deal would be funded through A$480 million ($325.73 million) in debt, A$765 million institutional placement and a share purchase plan targeting to raise up to A$50 million.

$1 = 1.4736 Australian dollars Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shinjini Ganguli

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