Investing.com-- Australia’s Gold Road Resources Ltd (ASX: GOR ) said on Monday that South African miner Gold Field Resources has agreed to acquire the latter for a sweetened $2.4 billion, after its earlier approaches were rejected.

Gold Fields (NYSE: GFI ) will pay $2.52 as a fixed cash consideration for each share in Gold Road, plus any special dividends and a variable cash component proportionate to the full value of each shareholder’s stake in Northern Star Resources (ASX: NST ), Gold Road said in a statement filed to the ASX.

This brings the total deal value to A$3.40 per share as of Friday, valuing

Gold Fields had earlier this year offered about $2.1 billion for Gold Road, an offer that was rejected on the grounds of undervaluing the Australian firm.

But Gold Road’s board recommended that shareholders approve the new scheme, stating that it offered a “compelling premium.”

Gold Fields’ offer is aimed chiefly at consolidating its ownership of the Gruyere gold project in Western Australia, which it operates under a joint venture with Gold Road.The updated offer comes after gold prices soared to record highs in recent weeks, as the yellow metal courted increased safe haven demand in the face of increased global economic uncertainty.