PERTH (miningweekly.com) – Gold miner Gold Road Resources has reportedly missed out on acquiring fellow-listed Independence Group’s (IGO’s) 30% share of the Tropicana gold mine, in Western Australia.
Gold Road on Monday responded to media speculation about potential discussions with IGO around its interest in the joint venture with AngloGold Ashanti, saying that while it had submitted a final offer for the Tropicana interest by the end of March, the offer has since expired and no agreement had subsequently been reached.
“As stated repeatedly in various investor updates, Gold Road will, from time to time, assess potential opportunities that align with its strategy. Any transaction must be both aligned with Gold Road’s strategy and offer value to shareholders,” the company said.
IGO in December of last year launched a strategic review of its interest in the Tropicana gold project after receiving unsolicited approaches from a number of parties.
The miner said at the time that IGO’s share price did not fully reflect the value of the Tropicana asset, and while it was clearly a high quality asset, the miner was focused on commodities that would be critical to clean energy.