Image source: Shutterstock

Highlights

  • Federal Court of Australia approves AU$2.3B scheme of arrangement.

  • De Grey Mining shares to be suspended from ASX trading after today.

  • Acquisition strengthens Northern Star’s footprint in Western Australia's Pilbara region.

Australian gold mining giant Northern Star Resources Ltd (ASX:NST) has officially cleared the final legal hurdle in its acquisition of De Grey Mining Ltd (ASX:DEG), after the Federal Court of Australia approved the AU$2.3 billion scheme of arrangement earlier this week.

The acquisition was first announced in February and has now been made legally effective following the lodging of court orders with the Australian Securities and Investments Commission (ASIC), as confirmed by De Grey on Wednesday. As a result, De Grey’s shares will be suspended from trading on the ASX at the close of today’s session, marking the end of its tenure as an independent listed entity.

This strategic takeover will give Northern Star 100% ownership of De Grey Mining, significantly expanding its presence in the resource-rich Pilbara region of Western Australia. Central to the acquisition is De Grey’s highly anticipated Hemi gold project, widely recognized as one of the most promising undeveloped gold discoveries in Australia over the past decade.

The Hemi project, located within the broader Mallina Gold Project, has attracted considerable interest from investors and industry players alike due to its tier-one potential and substantial resource base. Analysts have noted that the deposit could reshape Northern Star’s production pipeline and strengthen its long-term growth prospects in the global gold sector.