It’s the merger that was meant to be. Just 11 months after mid-tier Australian gold miners Northern Star and Saracen each bought 50 per cent of the famous Kalgoorlie Super Pit in Western Australia, the pair will combine to form a $16 billion giant that will be one of the biggest gold groups in the world, and the second largest in Australia behind Newcrest.

It’s a deal that will immediately put the enlarged group – which will still be known as Northern Star – on the radar of both generalist investors in Australia and beyond, and specialist global gold investors, for whom scale, liquidity and cash flows matter.