Ben Harrington
June 29, 2012

Allied Gold – which has gold and copper production, exploration and development projects in Papua New Guinea and the Solomon Islands – leapt 48½ – 53pc –to 140p after Australian gold producer St Barbara unveiled a £360m takeover bid for the business.

St Barbara, whose core gold mining assets are based in western Australia, is offering 176p a share in a mixture of stock and cash, but Allied’s shares did not rise to match that valuation because the Australian mining company’s shares fell on news of the takeover deal.

Elsewhere in the gold mining sector, Avocet Mining was one of the biggest disappointment’s of yesterday’s trading session.

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