POLYMETALS and Southern Cross Goldfields have announced a merger they say will create a new, mid-tier Australian goldminer producing up to 69,000 ounces a year.
A cashed-up Polymetals had been believed to be on the lookout for acquisitions, as output was waning from its White Dam project in South Australia.
When Polymetals' Mt Boppy project in NSW and Southern Cross's flagship Marda asset in Western Australia come online next year, the new entity would produce up to 69,000 ounces a year, the companies' said.
The larger Polymetals will contribute the bulk of about $13 million in cash reserves, which would better fund Marda's development, they said.
Southern Cross shares rose after it came out of a trading halt on Monday, up 15.4 per cent to three cents.
Southern Cross shareholders will hold 47 per cent of the new company and Polymetals' shareholders the remainder.
Key figures from Southern Cross will take on the top roles, including chief executive Glenn Jardine and chairman Samantha Tough who will hold those positions with the new company.
Polymetals founder and 55 per cent shareholder David Sproule will sit on the new board.
The companies will hold combined mineral resources of 1.7 million ounces of gold.
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