DAKAR, Oct 6 (Reuters) - Australian miner Predictive Discovery and Canada's Robex Resources said they will merge in a A$2.35 billion ($1.55 billion) all-share deal, creating a mid-tier gold producer in West Africa.
Under the deal, Robex shareholders will receive 8.667 Predictive shares for each Robex share, giving them about 49% ownership of the combined company, according to a joint statement released late on Sunday.
The new company will be listed in Sydney and seek a dual listing on Canada's TSX Venture Exchange.
The merger brings together Predictive's Bankan and Robex's Kiniero gold projects in Guinea, which are just 30 km (18.64 miles) apart, with output expected to surpass 400,000 ounces annually by 2029, supported by 9.5 million ounces in resources and 4.5 million ounces in reserves.
Buoyed by record-high gold prices, the gold mining sector is in a period of consolidation, as firms leverage strong margins to scale through mergers and acquisitions.
Robex's Kiniero mine, set to begin production in December, will help fund development of Bankan, which targets a final investment decision in mid-2026, the two miners said.
Guinea, better known for bauxite and , is attracting fresh interest in gold exploration despite longstanding challenges from and a recent regulatory .
Canada's Mining , for example, signed a joint venture this month with Australia's DeSoto Resources to explore the Siguiri basin in northeastern Guinea.
Robex CEO Matthew Wilcox will lead the merged company, while PDI's chief Andrew Pardey will chair it.
The deal has backing from Robex's major shareholders Cohen Group and Eglinton Mining, which hold a combined 25% of the company. It is expected to close by year-end, pending court and shareholder approvals.
($1 = 1.5175 Australian dollars)
(Reporting by Maxwell Akalaare Adombila; Editing by Clara Denina and Joe Bavier)
((Maxwell.Adombila@thomsonreuters.com [Maxwell.Adombila@thomsonreuters.com]; +233205362647;))
