Placer Dome Inc. has bid almost $1.7 billion to acquire AurionGold Ltd. of Australia. If the bid goes through, it would mean the combined companies would have production of 3.8 million ounces of gold a year, making the expanded Placer Dome the world's fifth-largest producer.
Placer Dome owns the Dome Mine in South Porcupine and is proceeding to develop a joint venture with Kinross Gold Corp.
An official with Vancouver-based Placer Dome says the acquisition of AurionGold Ltd. is expected to generate annual savings of about $25 million US.
