Is it Monday madness in overdrive?
The answer depends on which side of this morning's two spectacular deals you sit.
Evolution Mining (EVN) has stunned onlookers by writing a A$705 million cheque for Barrick's Cowal gold mine in NSW.
The price is about A$200 million more than many had expected Barrick to get and represents a stunning A$430 per reserve ounce.
Evolution said upon completion of the Cowal deal and its recently-announced acquisition of La Mancha's WA assets, the company would have total production to 760,000-860,000 ounces a year at an all-in sustaining cost of A$950-A$1020/oz.
Evolution will fund the deal in part with a $248 million rights issue pitched at 90c a share - a whopping 23 per cent discount to its last trading price. It will also take on $700 million in debt facilities.
The deal provides more evidence of Evolution's willingness to write fat cheques for acquisitions and is sure to fuel further questions about shareholder returns in the gold sector.
The cheque book was also getting a workout at Independence Group (IGO) this morning, with the company agreeing to pay the equivalent of $4.38 a share, for a total of A$1.8 billion, for Sirius Resources (SIR).
The deal represents a 35 per cent premium to Sirius' last price and a 46 per cent premium to its one-month VWAP.
But the announcement sparked immediate speculation that global miner First Quantum may come in over the top.
Sirius will also spin-off its gold assets in a new company which will be called S2 Resources and run by Sirius founding MD Mark Bennett.
Sirius shareholders will get 0.66 Independence shares and 52c cash for every one Sirius share plus once S2 share for every 2.5 Sirius shares.
The answer depends on which side of this morning's two spectacular deals you sit.
Evolution Mining (EVN) has stunned onlookers by writing a A$705 million cheque for Barrick's Cowal gold mine in NSW.
The price is about A$200 million more than many had expected Barrick to get and represents a stunning A$430 per reserve ounce.
Evolution said upon completion of the Cowal deal and its recently-announced acquisition of La Mancha's WA assets, the company would have total production to 760,000-860,000 ounces a year at an all-in sustaining cost of A$950-A$1020/oz.
Evolution will fund the deal in part with a $248 million rights issue pitched at 90c a share - a whopping 23 per cent discount to its last trading price. It will also take on $700 million in debt facilities.
The deal provides more evidence of Evolution's willingness to write fat cheques for acquisitions and is sure to fuel further questions about shareholder returns in the gold sector.
The cheque book was also getting a workout at Independence Group (IGO) this morning, with the company agreeing to pay the equivalent of $4.38 a share, for a total of A$1.8 billion, for Sirius Resources (SIR).
The deal represents a 35 per cent premium to Sirius' last price and a 46 per cent premium to its one-month VWAP.
But the announcement sparked immediate speculation that global miner First Quantum may come in over the top.
Sirius will also spin-off its gold assets in a new company which will be called S2 Resources and run by Sirius founding MD Mark Bennett.
Sirius shareholders will get 0.66 Independence shares and 52c cash for every one Sirius share plus once S2 share for every 2.5 Sirius shares.