PERTH (miningweekly.com) – Gold miner St Barbara has taken a 12.3% stake in fellow-listed Duketon Mining, spending A$4-million.
St Barbara acquired 14.5-million shares in Duketon, at a price of 27.5c each, representing a 10% premium to the company’s 30-day volume-weighted average price.
The ASX-listed company said on Wednesday that the investment in Duketon was aligned with its strategy of targeted investments in early to advanced stage exploration through earn-in arrangements, joint ventures and direct equity investments. St Barbara also holds stakes in explorers ABM Resources, Catalyst Metals and Peel Mining.
Duketon MD Stuart Fogarty told shareholders that the company was pleased to welcome St Barbara to the share register, as it was an outstanding result for Duketon and a strong endorsement of the company.
Following the investment, Duketon has more than A$7.6-million in cash and liquids.
“The A$7.6-million of cash and investments allows Duketon to continue to aggressively explore the extensive gold and nickel prospects within our 100% owned tenure,” Fogarty said.