Dacian, NTM clear hurdle for merger

A $285 million merger between local companies Dacian Gold and NTM Gold has been approved by the Supreme Court.

Dacian will acquire all of the issued shares in NTM on March 8, with the new shares expected to begin trading on March 17.

Plans to combine their assets were announced in November last year, with Dacian expecting to consolidate NTM’s 12.5 million tonne Redcliffe project with its nearby Mt Morgan operations, in the Eastern Goldfields.

NTM’s exploration team will join the merged group.

Dacian will have about a 68 per cent interest in the combined group and NTM nearly 32 per cent.

Shares in Dacian closed up 2.0 per cent to trade at 36 cents and NTM up 4 per cent to 13 cents.