Oil

Australia's Resolute Mining to buy Toro Gold for $274 mln

Credit: REUTERS/NANCY WIECHEC

Resolute Mining Ltd on Wednesday said it would buy West Africa-focused Toro Gold Ltd in a cash and stock deal worth $274 million, as the company looks to expand its production base amid consolidation in the gold industry.

July 31 (Reuters) - Resolute Mining Ltd RSG.AX on Wednesday said it would buy West Africa-focused Toro Gold Ltd in a cash and stock deal worth $274 million, as the company looks to expand its production base amid consolidation in the gold industry.

Resolute said it would acquire Toro for $130 million in cash and 142.5 million Resolute shares.

(Reporting by Nikhil Subba in Bengaluru; editing by Richard Pullin)

((Nikhil.Subba@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 806 749 4992; Reuters Messaging: Nikhil.Subba.thomsonreuters.com@reuters.net))

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