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PERTH (miningweekly.com) – Gold miner Norton Gold Fields would start with the compulsory acquisition of takeover target Bullabulling Gold, after securing an interest of more than 90%.
“We are extremely pleased with this outcome and note that the addition of mineral resources will significantly increase Norton’s total mineral resource inventory,” said Norton CEO Dianmin Chen.
Norton recently launched a review of the Bullabulling asset, in Western Australia, to identify the most effective means of exploring and developing the project, but Norton noted that any decision to progress the Western Australian mine would be subject to economic conditions.
Chen noted that the company would not extend its takeover offer for Bullabulling past the close of business on Monday, but would rely on compulsory acquisition powers in the Corporation Act to aquire the remaining shares in the fellow-listed gold miner.