PERTH (miningweekly.com) – Embattled gold miner Gascoyne Resources has appointed Macquarie Capital as financial adviser, amid speculation that the company was fending off takeover offers.
Gascoyne on Monday told shareholders that Macquarie would be providing the company with advice on a number of corporate and financial matters following the material fall of its share price during the December quarter of last year.
“The advice from Macquarie forms part of the board’s ongoing efforts to maximise the returns to Gascoyne shareholders,” the company said, noting that a key focus for Gascoyne would remain the improvement of the operating performance at the Dalgaranga gold project, in Western Australia.
Gascoyne in December last year decreased its 2019 production expectations at Dalgaranga from between 105 000 oz and 115 000 oz, to between 92 000 oz and 102 000 oz, after a review of the Gilbey resource model reduced the mineral inventory by some 22 000 oz.
Gascoyne in December also secured a A$12-million working capital facility from Dalgaranga mining contractor NRW. The facility is repayable by the end of 2019.