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Perth Now: Catalpa Resources and Conquest Mining announce $1.2bn merger deal

Catalpa Resources and Conquest Mining have agreed to merge and buy a new asset from Newcrest Mining, Perth Now reported.

The newspaper says the new entity will acquire a 70 percent stake in Newcrest’s Cracow gold mine and will also buy the Mt Rawdon gold mine from Newcrest:

In a statement to the Australian Securities Exchange Catalpa and Conquest said the merged company will be in a position to produce 400-450,000 ounces of gold by 2013, putting it into to the top five of the local gold producers.

The combined market cap would be about $1.2 billion.