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Australia's Gold Road Resources agreed to a sweetened $2.4 billion takeover by South Africa's Gold Fields, after rejecting an earlier bid against a backdrop of surging gold prices.

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Shares of gold mining stocks Barrick Gold (GOLD -4.43%), Newmont Mining (NEM -2.58%), Gold Fields (GFI -4.85%), and AngloGold Ashanti (AU -5.98%) were all down today, falling 4.6%, 2.6%, 6%, and 5.1%, respectively.

April 10, 2025 – TheNewswire – Montreal, Quebec, Canada - Beauce Gold Fields (Champs D'Or en Beauce) (TSX Venture: "BGF"), referred to as "BGF" or the "Company," is pleased to announce it has received from Quebec's Ministry of Natural Resources (MRNF) an ATI Authorization for its planned diamond drilling campaign and bulk sampling program targeting high-priority zones along the antiform Saddle Reef structure. This structure is identified as the likely source of historical placer gold deposits on the Beauce Gold property, located in southern Quebec.   Patrick Levasseur, President and CEO of Beauce Gold Fields, stated: “We are excited and eager to start drilling and conduct bulk sampling on promising targets along the structure believed to be the source of the region's historical placer gold deposits."

Gold Fields is a geographically diversified gold producer with operations in South Africa, Australia, Chile, Peru, Ghana, and Canada. Despite a challenging first half of 2024, GFI improved in H2, with production up 26% and costs down 12%. Management's guidance suggests a 13.45% production increase in 2025 at a 3.31% lower All-In-Sustaining-Cost, supporting a conditional "Buy" rating.

The primary sticking point in talks about a potential acquisition of Australian miner Gold Road Resources by South Africa's Gold Fields was the price, according to the Australian company's chief executive.

Its offer is a 28% premium to Gold Road's closing share price on March 21 and gives the miner an equity value of 3.3 billion Australian dollars.

Australian miner Gold Road Resources has rejected a A$3.3 billion ($2.07 billion) buyout offer from larger peer Gold Fields , the South African firm said on Monday.

GFI gains from rising gold and silver prices, and an upbeat outlook for 2025.

Gold Fields, a major gold producer, faced a year of two halves in 2024, marked by production challenges but capped by a strong finish and a record dividend, according to CEO Mike Fraser.