Australian gold producer Norton Gold Fields has secured approval from Foreign Investment Review Board (FIRB) for the acquisition of Kalgoorlie Mining Company (KMC).

Norton will offer its 0.054 Norton shares and 0.054 Norton options for every KMC share and 0.024 Norton Options for every listed KMC option, reported Proactive Investors Australia.

Currently, Norton owns an 84.5% interest in KMC.

KMC is an Australian mining company, and its key assets include the Bullant Gold Project, 65km northwest of Kalgoorlie, Western Australia.

The proposed acquisition of KMC is in line with the Norton’s strategy to cut operating costs and rise production.