Liberum sees more M&A opportunities among gold miners in 2023

Iamgold

12/04/2023 09:04

** Brokerage Liberum sees acquisition potential for smaller
gold producers in 2023, as consolidation in sector intensifies
with Newmont Corp's  NEM.N  $19.5 bln offer for Australia's
Newcrest Mining  NCM.AX  being the latest
    ** Says producers such as Caledonia Mining  CALq.L   CMCL.N 
and Shanta Gold  SHAN.L  will likely attract "attention" from
Chinese or Moroccan buyers such as Managem  MNG.CS 
    ** Expects CMCL and SHAN, up 38% and 29% YTD, to continue to
outperform in 2023
    ** Believes Centamin  CEY.L  could look to merge with a tier
II/III peer like IAMGOLD  IMG.TO  and Perseus Mining  PRU.AX  
    ** Liberum, however, believes UK-based Endeavour Mining
 EDV.L   EDV.TO  is unlikely to make a second bid for Centamin
as it sees little value in the acquisition
    ** Up to last close, EDV up ~23% YTD

 (Reporting by Roshan Abraham)
 ((Roshan.Abraham@thomsonreuters.com))