Two equally sized mid-tier gold miners, Alamos and Aurico, are set to merge.
John McCluskey of Alamos would be CEO of the combined company with operations in Ontario and Mexico and development in Turkey. Rival bids seem likely. TD suggest the deal is dilutive for Alamos.
Alamos stock held up very well during the earlier part of the bear market but has since slipped.
Aurico struggled as Gammon gold, disposed of key Mexican assets to Carlos Slim companies and focused on the new, and potentially very large, Young Davidson mine in Canada which was a buyout of Northgate minerals for $1.46bn in 2011.
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