Tuesday, 4 April, 2023 - 13:04
Leonora woes throw spanner in merger
Genesis Minerals has been forced to resume negotiations with St Barbara as the asset at the heart of their planned merger battles a litany of costs and production problems.
Genesis Minerals, a mineral exploration company, engages in the acquisition and exploration of mining tenements. The company focuses on acquiring prospective base metal, nickel, gold, copper, silver, and uranium projects.
It has an agreement to acquire 100% interest in the Cerro Verde gold-copper-silver and Dinamarquesa gold-copper projects in northern Chile. The company also holds interest in the Poncha and Las Opeñas epithermal gold projects in San Juan Province, Argentina.
Genesis Minerals was incorporated in 2007 and is headquartered in Western Australia.
Rank | Company | 1 Yr | 5 Yr |
---|---|---|---|
378th | Flagship Investments | 37.17% | 7.93% |
379th | ARB Corporation | 37.13% | 19.49% |
380th | Genesis Minerals | 37.13% | 52.78% |
381st | Apiam Animal Health | 37.02% | 0.44% |
382nd | WCM Global Growth | 37% | 12.47% |
Rank | Company | # | |
---|---|---|---|
19th | ![]() |
Vault Minerals | $621.08m |
20th | ![]() |
Gold Road Resources | $472.82m |
21st | ![]() |
Genesis Minerals | $450.68m |
22nd | ![]() |
Burgundy Diamond Mines | $395.88m |
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Genesis Minerals has been forced to resume negotiations with St Barbara as the asset at the heart of their planned merger battles a litany of costs and production problems.
Shares in St Barbara and Genesis Minerals will remain in a trading halt until after the weekend as the companies negotiate new terms for their planned deal.
Genesis Minerals is understood to have locked in a new deal to buy St Barbara’s Leonora assets for $600 million while removing risks tied to its earlier merger plan.
Genesis Minerals shares have risen sharply on the back of a revised deal to acquire St Barbara’s Leonora assets without taking on the miner’s Canadian and Papua New Guinea operations.
St Barbara boss Dan Lougher says the goldminer’s Leonora operations had another disappointing quarter as Genesis Minerals gears up to acquire the operation.
St Barbara has backed in its call to accept a $640 million offer from Genesis Minerals despite Silver Lake Resources claiming the target declined to engage on a competing proposal.
Silver Lake Resources has reaffirmed its disappointment in St Barbara’s alleged lack of engagement on a competing proposal, despite the target shutting down any hopes of a merger last week.
Silver Lake Resources has lobbed a revised proposal to merge with St Barbara saying it ‘stands ready’ to progress due diligence and move to a binding offer.
Genesis Minerals has improved its proposal to buy St Barbara’s Leonora assets as the takeover target squashes talks with Silver Lake Resources.
The board of takeover target St Barbara is now deliberating another offer from Silver Lake Resources after Genesis Minerals sweetened its transaction proposal last week.
St Barbara’s board has told shareholders there is no material improvement in Silver Lake Resources’ latest proposal to buy Gwalia and can’t see a realistic pathway that it could become superior.
St Barbara will undergo top-level staff changes following the sale of its Leonora assets to Rayleigh Finlayson’s Genesis Minerals.
Our board moves wrap includes Steve Bodon, Andrea Betti, Peter Schwann, Paul Weston, Jeff Swingler, Vincent Algar, Susan Park, Stephanie Majteles, Lip Sin Tee, Lip Jen Tee, Charles Pettit, Krista Bates, Nik Senapati, Jacqueline Murray, Nitin Tyagi, Trevor Benson, Jennifer Neild, Matthew Nixon, Mel Ashton, Robert Mosig, Stuart McKenzie, Joanna Kiernan, Peter Ruttledge, Peter Torre, Andrew Strelein, Dan Lougher, Sara Prendergast, Lucas Welsh, Shannon Coates, Joan Dabon, Jo-Ann Long, Cris Moreno, Francis Wedin, Gavin Rezos, and John Kenny.
Bellevue Gold has struck a deal with Genesis Minerals to process material from its goldmine's Vanguard open pit at the latter's Gwalia facility.
Simone Grogan and Jack McGinn discuss the state of play for the corporate finance sector in Western Australia.
Raleigh Finlayson-led Genesis Minerals has mapped its path to become a +300,000 ounce per annum gold producer following a transformative June quarter.
Our weekly appointments wrap includes Matt Nixon, Andrew Lindsay, Claire Vinnicombe, Greg Harvey, Tim Marney, Warren McHardie, Stephen Perkins, Michael Erikson and Rachel Emer.
The salt of the earth miner-turned reluctant dealmaker talks to Business News about the transaction that’s kept him, and the market, on the hook for more than a year.
Jack McGinn and Simone Grogan speak on the business journey of Raleigh Finlayson and his leadership at Genesis Minerals.
Brightstar Resources has made the milestone jump from explorer to producer status following the inaugural blast on the cutback of its Selkirk joint venture open-pit mine in Western Australia’s historic Menzies goldfields. Mining is expected to run for about six months, with ore being stockpiled in Menzies, and the company is anticipating its maiden gold pour early next year.
Genesis Minerals has named MLG Oz Limited to supply mining services in a contract anticipated to generate about $45 million in revenue over three years.
Raleigh Finlayson-led Genesis Minerals has made an improved offer to secure the remaining shares it doesn’t already own in Dacian Gold, a dormant goldminer key to plans for the region.
Western Australia’s resources middle tier could be at the heart of $170 billion in GDP growth by 2040, but only if the nation acts on its critical minerals opportunities, according to PwC.
Genesis Minerals has paid $53 million for two gold projects under a deal with Kin Mining, adding to the mid-tier goldminer’s consolidation of assets in Leonora.
Cottesloe analyst Cameron Waugh has pleaded guilty to insider trading in Genesis Minerals' shares while a string of other charges against him was dismissed.
Kin Mining has confirmed it is considering new acquisition and investment options, following the recent sale of gold deposits within its Cardinia gold project, located near Leonora.
Bellevue Gold has announced its monthly production increased by 28 per cent in February - from 10,475 ounces to 13,364oz - on the back of higher grades, coupled with underground stoping ore.
Genesis Minerals has unveiled its five-year strategic plan, flagging a desire to become a major ASX-listed gold producer.
Our board moves wrap includes Grant Dyker, Jay Stephenson, John Nolan, Nev Power, Michael Edwards, Karen Lloyd, Stuart Gale, and Clinton Dubieniecki.
Cam Waugh will serve nine months in prison after being convicted of insider trading in Genesis Minerals shares, having prior knowledge of the company's funding package and board appointments.
ASX-listed contractor SRG Global has won a series of contracts worth $150 million with new and existing clients across Australia.
Genesis Minerals remains on course to hit its annual production guidance of 130,000-140,000 ounces for the 2024 financial year, after producing 30,473 ounces of gold during its March 2024 quarter.
Genesis Minerals managing director Raleigh Finlayson says his company is applying a long-term approach to supporting the Leonora community – including through tourism.
Pilbara gold developer De Grey has refused to comment around speculation that it could be the target of rival interest, saying it is focused on developing its Hemi project.
GOLD WRAP: Westgold Resources, Red 5 and Genesis Minerals, each at the heart of gold’s merger flurry, have unveiled last year's financial results.
GOLD WRAP: De Grey Mining has trumpeted the economics of its Hemi project in a record gold price environment, while Genesis Minerals has restarted its Laverton mill ahead of schedule.
This week’s Bulls N’ Bears Runner of the Week is … Merino & Co. The Perth-based branded lifestyle clothing and accessories business caused a stir following its ASX debut just last week. Hitting the boards for the first time at 20c per share the company surged to $1.50 this week, some 650 per cent, prompting some please explains from the ASX overlords.
Vault Minerals will spend $80 million to expand the processing facility at its King of the Hills mine near Leonora by 20 per cent, to more than 6 million tonnes of ore per annum.
Perth accountant Vittorio Letizia has appeared in Perth Magistrates’ Court charged with five counts of insider trading.The charges are in relation to purchases made in Genesis Minerals Limited shares in September 2021, with Mr Letizia facing court on Friday, December 20, 2024.
Genesis Minerals capped off a stellar quarter with record gold production, a hefty financial boost, and the early restart of its Laverton mill.
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