PERTH (miningweekly.com) – Gold miner Evolution Mining has gained a 19.9% interest in fellow-listed Tribune Resources for a A$41.3-million investment.
The company on Monday said that it has acquired more than 11.05-million shares in Tribune, which holds a 36.75% interest in the East Kundana joint venture (JV).
Gold miner Northern Star Resources holds the controlling 51% interest in the JV, with Rand Mining owning the balance. Tribune also has a 44.2% shareholding in Rand Mining.
The East Kundana JV tenements are adjacent to Evolutions’ 1.7-million-tonne-a-year Mungari processing plant, some 20 km from Kalgoorlie. The JV tenements are estimated to host a mineral resource of some 10.54-milion tonnes, grading 6.1 g/t gold for more than two-million ounces of contained gold, as well as an ore reserve of 6.15-million tonnes, grading 6.3 g/t gold for 1.24-million ounces.
Northern Star at the end of 2018 made a failed A$150-million cash bid to acquire Rand Mining and Tribune’s shares in the East Kundana JV, with Tribune and Rand Mining both saying that the offer significantly undervalued their interest in the JV.