PERTH (miningweekly.com) – Gold miner Northern Star Resources has completed the takeover of fellow-listed Echo Resources.
The miner gained a 98.14% interest in Echo at the close of the takeover offer on November 11, prompting a compulsory acquisition of the remaining shares.
Northern Star in August launched the A$242.6-million offer for Echo, which holds the Yandal gold project, in Western Australia. The gold miner offered Echo shareholders 33c a share for their interest in the junior miner.
Echo holds the Yandal gold project, in Western Australia, which covers some 1 600 km2 of tenement area. The company’s assets include the 1.8-million-tonne-a-year Bronzewing processing plant and infrastructure.
Northern Star previously told shareholders that the acquisition of Echo would allow the company to consolidate the mineralisation at the Yandal gold project for further evaluation on both an exploration and development basis, while also providing Northern Star with the ability to process gold at the Bronzewing processing plant, if an evaluation of a restart is successful.