Ramelius to acquire Spartan for A$2.4 billion

Ramelius Resources Ltd. will acquire Spartan Resources Ltd. for A$2.4 billion ($1.5 billion). This offer includes an 11.3% premium over Spartan's closing price on March 14. The deal aims to increase gold supply amid rising prices. The acquisition will give Ramelius control of Spartan's Dalgaranga gold project in Western Australia. The combined company is expected to produce over 500,000 ounces of gold annually by 2030. Spartan shares rose 9.1% in Sydney after the announcement, while Ramelius shares fell by 4.6%. Spartan shareholders will receive new Ramelius shares and cash as part of the deal.