Northern Star Resources has rejected an unsolicited proposal from South Africa's Gold Fields valuing the Perth-based producer at about A$38.7bn (US$27.1bn). The approach, disclosed in late September 2026, would have created the world's second-largest gold miner by output.
Why Gold Fields is buying Northern Star Resources
Gold Fields sought to combine its international portfolio with Northern Star's Australian assets, including the Kalgoorlie super pit, at a time of record gold prices. Northern Star's board argued the offer ignored near-term milestones such as the ramp-up of the expanded Fimiston mill and the arrival of a new chief executive.
Deal terms and financing
The proposal offered 0.3125 new Gold Fields shares, issued as CHESS depositary interests, plus A$7.25 in cash for every Northern Star share. That represented a 22% premium to the 11 September close, but because most of the payment was in stock, the implied value had slipped to about A$25.19 a share, a roughly 14% premium, by 25 September.
Regulatory approvals and timing
The approach was non-binding and would have required a scheme of arrangement, shareholder and court approval, and Australian foreign-investment clearance. No formal offer has been made.
Market context
The board said the heavy share component would expose its investors to Gold Fields' jurisdictional and operational risks. Northern Star shares closed about 6% higher on the first trading day after the rejection, signalling investors expect a possible improved bid.
