Royal Gold Acquires Sandstorm and Horizon for $3.7 Billion
Royal Gold $RGLD (+0 %) announced exciting news on Monday: The company plans to make two major acquisitions with a total value of approximately $3.7 billion. This includes the acquisition of Sandstorm Gold $SSL for $3.5 billion in stock, as well as Horizon Copper $VZ (-3,03 %) for $196 million in cash. These strategic moves 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’s stock fell by more than 6% on Monday, the company has already gained more than a quarter of its value this year, which represents a positive development in a challenging market environment.
ExxonMobil Discovers Gas Field Off the Coast of Cyprus
In the U.S., ExxonMobil $XOM (+0,06 %) , in collaboration with Qatar Energy International, has discovered another promising natural gas field south of Cyprus. This discovery could significantly strengthen the region’s status as a major energy exporter and help Europe reduce its dependence on Russian energy sources. The field was discovered in the Pegasus-1 well, 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 field have been released yet. Cypriot authorities report that this is already the sixth natural gas field in Cyprus’s exclusive economic zone to be discovered over the past 14 years. In addition, the Eni-Total consortia also hold licenses in the region and may potentially work together with ExxonMobil in the future to develop these promising deposits.
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
