By Andrea Figueras

Dundee Precious Metals said it agreed to buy Adriatic Metals for around $1.3 billion as it seeks to enhance its portfolio and boost growth.

The Toronto-based gold miner said the deal would see it acquire the Vares operation in Bosnia and Herzegovina, a producing silver, lead, zinc and gold underground mine.

The purchase should help Dundee Precious Metals to grow production up to 425,000 gold equivalent ounces in 2027 through the ramp-up of Vares, it said Friday.

Shareholders of U.K. metals and mining company will receive 0.1590 of a common share of Dundee Precious Metals and 93 pence ($1.27) in cash for each ordinary share of Adriatic Metals.

Following completion of the transaction, shareholders of the Canadian group will own approximately 75% and former Adriatic Metals shareholders will hold around 25% of Dundee Precious Metals' enlarged issued share capital.

The acquisition is subject to certain closing conditions and should be completed no later than Dec. 31, the company said.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

June 13, 2025 03:15 ET (07:15 GMT)

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