Updated April 18, 2020 12:21:08 The shares of a $5 billion deal to purchase shares in Australia’s biggest mining company have been unchanged at $6.5 billion.
The deal was announced on Monday, just one day before Prime Minister Malcolm Turnbull announced he was announcing his resignation.
In a statement, Aussie Resources said it was not commenting further.
The $7 billion deal is one of the largest in Australia and is worth an estimated $1.6 billion.
It will be one of Aussie, the world’s largest publicly listed company, biggest holder of gold and the second-largest gold miner.
The company is expected to make a profit of $6 billion and pay dividends of $2 billion to shareholders.
The agreement is the largest share purchase in Australian history.
It also gives Aussie an ownership stake in the mining company and a stake in other companies.
It is understood that the deal will give Aussie a shareholding in the company for a period of up to 20 years.
The announcement comes as Australia is in the midst of an investigation into the death of a miner in northern New South Wales.
In the statement, the company said the deal would provide an initial “initial windfall” to Aussie and would create an additional $5bn in cash.
“The transaction is subject to the approval of AUSPIC, the regulator of Australian mining,” it said.
The company also said it expected to pay $2.2 billion in dividends to shareholders over the 20-year period.
Aussie Resources has been in the spotlight in recent months following the death in October of Australian businessman David Hickey, who died in hospital after suffering from a medical condition and heart failure.
Hickey, a former Aussie Coal employee, was a founder of the Australian Goldfields group, a joint venture between Anglo American and the mining giant Vale.
On Tuesday, he and other Australian miners launched a public appeal to raise $50 million to help pay for Hickey’s funeral.
“We can’t let this end in our hands,” Aussie spokesman Andrew Gee said.
“We are determined to get the funds we need to continue to operate as normal and continue to do business.”
Higgs died after collapsing at his home in Newcastle on October 25.
More to come.