https://www.miningweekly.com
Copper|Gold|PROJECT|Projects|Resources
Copper|Gold|PROJECT|Projects|Resources
copper|gold|project|projects|resources

Magmatic eyes Moorefield demerger

18th September 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Magmatic Resources on Friday announced the demerger of its wholly owned subsidiary Australian Gold and Copper (AGC), which will hold the Moorefield gold project, in New South Wales.

Furthermore, AGC has also entered into a binding term sheet with New South Resources to acquire two Central Lachlan gold/polymetallic projects from the privately-held company.

Following the acquisition, AGC will be listed on the Australian Stock Exchange, with New South Resources receiving a 40% interest in AGC prior to its initial public offering.

New South Resources CEO Glen Diemar will be appointed as MD of AGC following the acquisition, while Magmatic executive chairperson David Richardson will be appointed as a nonexecutive director to the AGC board. An independent nonexecutive chairperson will also be appointed, while Magmatic would have the right to appoint another director.

Magmatic told shareholders on Friday that the combination of the Moorefield gold project with the projects from New South Resources provided multiple drill ready discovery opportunities, while the demerger of Moorefield would allow Magmatic to focus on its East Lachlan gold and gold/copper porphyry projects.

The demerger of the Moorefield asset and the acquisition of the New South Resources tenements were subject to shareholder approval, and a satisfactory ruling from the Australian Taxation Office regarding tax implication of an in-specie distribution for Magmatic shareholders, as well as the necessary regulatory approvals.

Edited by Creamer Media Reporter

Comments

Latest News

The combined entity will have a leading portfolio of tier-one assets, focused on iron-ore, metallurgical coal and future facing commodities, including potash and copper.
BHP makes £31bn offer for Anglo American
25th April 2024 By: Mariaan Webb

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.067 0.103s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: