BMO Capital Markets

Northern Star Resources has announced the acquisition of a gold mine in Alaska for $US260 million ($347 million) from Japanese group Sumitomo, along with a $175 million share placement to fund the purchase.

Russia-based Nordgold is looking to expand its operations in Africa by making a takeover bid for Cardinal Resources after increasing its stake in the West Perth-based company to nearly 20 per cent.

Cardinal Resources has received an all-cash takeover bid from Chinese producer Shandong Gold, which has offered to buy the West Perth-based company for 60 cents per share.

Takeover target Cardinal Resources has received a higher purchase offer from China-based Shandong Gold, after competing buyer Nordgold upped its bid last week.

Russian-owned Nordgold has made a new offer to buy Cardinal Resources, trumping a competing bid from Chinese company Shandong Gold by around $26 million.

China’s Shandong Gold has matched a new bid to buy out takeover target Cardinal Resources, having offered to pay $1.05 per company share.

Gold exploration company Predictive Discovery has announced it will raise $50 million in a bid to enhance further growth and development at its flagship Bankan gold project in Guinea.

Applecross-based Hot Chili will raise up to $29.9 million courtesy of a private placement, in a bid to further progression at its Costa Fuego copper-gold development in Chile, located 600km from Santiago.