Market Chatter: AuRico May Consider Buying Other Gold Players; Shares Off 2.7%

By MT Newswires,  June 20, 2012, 12:37:24 PM EDT

AuRico Gold Inc. (AUQ.TO), which purchased Northgate Minerals Corp. for C$1.34 billion in October, plans to be "opportunistic" in pursuing other deals given the current low share prices of other gold miners, Bloomberg quotes CEO Rene Marion as saying in an interview.

“There are a lot of great things out there right now that are trading at all-time lows,” Marion was quoted by Bloomberg as saying. “If someone goes into play then we will sharpen our pencil to see if there’s an accretive way of doing a transaction.”

Marion said that while Toronto-based AuRico isn’t actively looking for deals, it’s watching for opportunities. The CEO said he expects mergers and acquisitions in the industry will accelerate because gold stocks are trading more cheaply while new mines are becoming more expensive to build.

Shares in AuRicoare down 24 cents, or 2.7%, at $8.48.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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