Why the Northern Star (ASX:NST) share price is on watch today
The Aussie gold miner’s shares will be in the spotlight following 2 major announcements
Aaron Teboneras has been a Motley Fool contributor since early August 2020. After graduating from RMIT University with a Business degree, Aaron spent most of his years either travelling or working in various industries. Aaron’s most notable appointments include National Australia Bank, and Computershare where he discovered his passion for the Australian sharemarket. Outside of researching and writing for Motley Fool, Aaron enjoys trekking on adventures across the world and learning new life skills.
Northern Star deal propels Evolution toward a million ounces
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Evolution Mining has turbo-charged the growth plan it announced last week by agreeing to pay $400 million for a collection of Northern Star’s mines on the western side of Kalgoorlie.
Evolution will fund the deal through a $400 million placement to institutional investors at a 5.4 per cent discount to Wednesday’s share price, and the company will offer a further $50 million of new shares to ordinary shareholders.
The transaction will allow Evolution to consolidate a major land package in the famous gold district between Kalgoorlie and Coolgardie by acquiring Northern Star’s wholly-owned Kundana mine and Northern Star’s 51 per cent stake in the neighbouring East Kundana joint venture.
Chaney appointment seals Northern Starâs blue chip status
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Gold miner Northern Starâs rise to blue chip status has been marked with a cultural change in the boardroom, with prominent company director Michael Chaney AO set to become the companyâs next chairman.
Mr Chaney, who has previously chaired blue chip companies like Woodside Petroleum, National Australia Bank and is currently chairman of Wesfarmers, will replace Northern Starâs talisman Bill Beament on July 1.
The appointment continues the evolution of Northern Starâs leadership in the wake of Octoberâs $5.76 billion merger with Saracen Mineral Holdings, which saw Saracen boss Raleigh Finlayson become managing director of the merged entity and Mr Beament decide to step down from his executive chairman role in February.
Beament exits Northern Star for explorer afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.