Australian Gold, Andean Resources Deal

Dual listed, Australian Gold company, Andean Resources (ASX:AND) have seen its shares rise in both its listings on the Toronto stock exchange (TSE) and on the Australian share market. Canadian company, Goldcorp is seeking a takeover, offering $C3.6 billion for Andean Resources, or $C3.50 per share.

On the takeover offer news, on the TSE Andean Resources stocks jumped $C2.17 per share, ending up at $C6.98. On the ASX, Andean also jumped to $6.40 ($C6.09) per share before a trading halt when the Goldcorp offer was announced on the market. The jump in value comes after an initial bid by Eldorado Gold, another Canadian miner, which offered 0.31 Eldorado shares for each AND share. The Eldorado Gold deal valued Andean Resources at $C6.36.

Australian Gold Stocks Rising

The value of Australian gold stocks are rising. Newcrest completed its takeover of Lihir , becoming an $18.7 billion company. Andean Resources is the second biggest ASX listed gold stock. Perth based Perseus Mining (ASX:PRU) who specialises in African gold is valued at $1.2 billion) with Thai Gold producer Kingsgate Consolidated (ASX:KCN) is worth $1 billion).