Gold miners prepare for merger as Metals Exploration eyes Condor Gold
- Metals Exploration plans to acquire Condor Gold to form a larger mining group.
- The proposed deal is likely to be announced soon and has garnered support from Condor Gold's investors.
- This acquisition represents a significant trend toward consolidation among smaller gold mining companies.
In Nicaragua, a mining group where Nick Candy holds the largest share is close to acquiring Condor Gold, a London-listed exploration company. The acquisition deal, expected to be in cash and stock, will create a combined enterprise valued over £150 million. This announcement comes as a consolidation trend is evident in the global gold mining sector, especially among smaller companies. Negotiations have progressed, and sources indicate that Metals Exploration has secured votes from several Condor Gold shareholders to support the proposed merger. Metals Exploration's market capitalization is nearly £100 million, while Condor Gold is valued at approximately £47 million. The deal may significantly alter the competitive landscape for gold exploration in Central America.