https://www.miningweekly.com

Atlantic Gold to meet on St Barbara offer

17th June 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – The shareholders of TSX-V-listed Atlantic Gold will meet on July 15 to vote on a A$768-million takeover offer from Australian gold miner St Barbara.

St Barbara in May announced plans to acquire all of the outstanding shares in Atlantic for C$2.90 a share, implying an enterprise value of C$802-million.


Atlantic owns the Moose River project, in Nova Scotia, which has a mineral resource of some 2.4-million ounces, including a mineral reserve of 1.9-million ounces.


St Barbara on Monday said that the Supreme Court of British Columbia has issued an interim order allowing Atlantic to convent a special shareholder meeting to consider and vote on the transaction.

At the end of last week, St Barbara completed a A$490-million entitlement offer, and had some A$870-million in cash and deposits in readiness by June 14 to settle the transaction, along with a A$200-million three-year revolving facility.

Meanwhile, St Barbara on Monday reported the blocked paste reticulation circuit issue at its Gwalia operation has now been resolved, with paste fill operations resuming.

Full year production guidance at the project has been maintained at around 220 000 oz of gold.

However, production at Simbiri was expected to reach close to 140 000 oz in the 2019 financial year, up from the previously announced target of 135 000 oz, on the back of higher-than-anticipated grade of the ore being processed to date in June.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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