Takeover target Romarco advances S Carolina project construction
TORONTO (miningweekly.com) – Project developer Romarco Minerals on Monday reported that construction at its flagship Haile gold mine, in South Carolina, was advancing on schedule and within budget.
The TSX-listed company, which was the subject of an open bid from OceanaGold, had completed the water treatment plant in July. Storm water management controls were now in place at site and excavation had started.
The depressurisation wells were now also operational, providing water for construction, and were operating according to the modelling work done by Romarco.
Further, pit development was ahead of schedule, with 163 000 t of overburden removed, compared with the planned 100 000 t.
OceanaGold had in July offered to buy the Haile project in an C$856-million all-scrip offer, which was expected to create the lowest-cost gold producer in the market.
Romarco shareholders would receive 0.241 of a common share of OceanaGold for each common share, giving Romarco shareholders 49% of the combined company if the deal closed.
Romarco and OceanaGold shareholders would vote on the transaction at their separate special meetings, scheduled for September 24.
Haile was expected to produce about 540 000 oz/y from 2017 at an all-in sustaining cost (AISC) of less than $600/oz. During the mine’s first year of operation, the AISC was expected to be as low as $414/oz of gold.
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