Australia's Ramelius Resources ends buyout talks with Karora Resources (updated)

Karora Resources

27/03/2024 23:23

(Adds co statement in para 2, background in paras 3, 4)
       March 28 (Reuters) - Australian gold miner Ramelius
Resources  RMS.AX  said on Thursday it had ended discussions
with Karora Resources  KRR.TO  for a potential acquisition of
the Canada-based mine operator.
    "Following its usual disciplined due diligence process,
Ramelius advises that no final agreement, including on value,
was reached," the company said.
    Earlier this month, Ramelius confirmed it was in talks with
Karora, but did not disclose any deal value. 
        However, a local news media report estimated the
transaction value to be between A$700 million ($456.40 million)
and A$1 billion.
  


($1 = 1.5337 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru; Editing by Alan
Barona)
 ((Sherin.Sunny@thomsonreuters.com;))