Genesis open for more consolidation in WA
KALGOORLIE (miningweekly.com) – Mid-tier gold miner Genesis Minerals was open to further consolidation in the Leonora region of Western Australia, following its deal with fellow-listed gold miner St Barbara.
The company acquire St Barbara’s Leonora assets for A$370-million in cash and the issue of 205-million shares. The acquisition has resulted in the group’s ore reserves increasing to 3.9-million ounces.
Genesis’ near-surface Admiral and Ulysses development projects would be paired with the newly acquired Gwalia mine to full the underutilised Gwalia mill, with Admiral hosting a reserve of some 120 000 oz and Ulysses a reserve of some 360 000 oz.
“We have all of the organic ingredients to get where we wanted the company to be over the next five years at 300 000 oz/y production, but there are still opportunities in the air,” MD Raleigh Finlayson said on the sidelines of Diggers & Dealers.
“We have merger and acquisition criteria in place, and we will stick to that. We will look for things that are sensible, logical and creative, but most importantly can deliver synergies.”
Genesis is currently completing a strategic review of the Gwalia operation in order to effectively increase production from the underground mine, right sizing the operation in order to reduce costs.
The company is also working on its five-year outlook, which will be released to market in the March quarter of next year, setting a new production target as well as all-in sustaining cost and growth capital targets.
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