Royal Gold acquires Sandstorm and Horizon for 3.7 billion dollars
Royal Gold $RGLD (-0.67%) announced exciting news on Monday: The company plans to purchase two significant acquisitions totaling approximately $3.7 billion. This includes the acquisition of Sandstorm Gold $SSL (-0.12%) for 3.5 billion dollars in shares and Horizon Copper $VZ (-0.85%) for 196 million dollars in cash. These strategic steps are expected to be completed in the fourth quarter of this year. CEO Bill Heissenbuttel emphasizes that these acquisitions support Royal Gold's goal of securing high-quality, long-life precious metal resources in mining-friendly regions. Although Royal Gold shares fell by more than 6% on Monday, the company has already gained more than a quarter of its value this year, which is a positive development in a challenging market environment.
ExxonMobil discovers gas deposits off Cyprus
In the USA, ExxonMobil $XOM (+0.71%) in collaboration with Qatar Energy International, has discovered another promising natural gas deposit south of Cyprus. This discovery could significantly strengthen the region's status as a major energy exporter and help Europe to reduce its dependence on Russian energy sources. The deposit was discovered in the Pegasus-1 well, which is located approximately 190 kilometers southwest of Cyprus at a depth of 1,921 meters. No estimates of the amount of gas that may be present in this deposit have been released to date. The Cypriot authorities report that this is the sixth natural gas deposit discovered in Cyprus' economic zone in the last 14 years. In addition, the Eni-Total consortia also hold licenses in the region and could potentially work with ExxonMobil to develop these promising deposits in the future.
Sources:
https://finance.yahoo.com/news/royal-gold-stock-drops-firm-175534343.html
https://finance.yahoo.com/news/exxonmobil-partner-qatar-energy-natural-181923944.html
