Genesis settles Leonora buy
PERTH (miningweekly.com) – ASX-listed Genesis Minerals will complete a strategic review of its Gwalia operations by the December half of this year, and will provide a five-year outlook to the market in the March quarter of next year, following the completion of the Leonora acquisition with gold miner St Barbara.
The company acquired 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 told shareholders on Monday that the company’s 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 120 000 oz and Ulysses a reserve of 360 000 oz.
Grade control drilling and site works at the Admiral openpit are now under way, and openpit mining is expected to start in the September quarter, with first ore targeted for the December quarter of this year, with the deposit expected to supply ore over the 2024 and 2025 financial years.
“We can now get on with the job of unlocking the unique synergies and delivering the long life ‘margin over ounces’ Leonora business plan we have clearly articulated to shareholders,” said Genesis MD Raleigh Finlayson.
“The next six months will be focused on a strategic review of Gwalia, re-building the foundations to ensure a new lease of life for this prolific gold asset. On behalf of Genesis, I would like to thank St Barbara for its cooperation throughout the transaction and extend a warm welcome to our new colleagues at the Gwalia operation who are now part of the Genesis team.”
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