March 28 (Reuters) - Australian gold miner Ramelius

Resources Ltd ( RMLRF ) said on Thursday it had ended discussions

with Karora Resources ( KRRGF ) for a potential acquisition of

the Canada-based mine operator.

Shares of Ramelius rose as much as 2.2% to hit their highest

level since June 16, 2021 by 0034 GMT, while the broader market

was up 0.8%.

"Following its usual disciplined due diligence process,

Ramelius advises that no final agreement, including on value,

was reached," the company said.

Earlier this month, Ramelius confirmed that it was in talks

with Karora, but did not disclose any deal value.

However, a local report estimated the transaction value to

be between A$700 million ($456.40 million) and A$1 billion.

Karora Resources ( KRRGF ), which is focussed on increasing gold

production at its Beta Hunt gold mine and Higginsville gold

operations in Western Australia, confirmed in a separate

statement that it had ended discussions with Ramelius.

Karora said it was engaged in exclusive negotiations with a

new third party regarding a potential merger.

($1 = 1.5337 Australian dollars)

(Reporting by Sherin Sunny in Bengaluru; Editing by Alan Barona

and Subhranshu Sahu)