ASX-listed Primero Group has become a “substantial” shareholder on unlisted Barton Gold’s share register as the private equity backed company gears up its ready-to-mine South Australian gold assets and makes preparations to go public. Barton has a swag of solid mining assets in South Australia that it will list on the back of including the high-grade but mothballed Tarcoola open pit gold mine and the 558,000 ounce Tunkillia gold deposit that is heralded as South Australia’s largest undeveloped gold only resource.
Importantly Barton also owns the old Challenger underground mine and its 650Ktpa mill that it plans to kick start back into life to process ore from Tarcoola about 130km away.
Barton has moved into high gear lately and its strategy to restart Tarcoola and its other assets in South Australia has seen the engagement of a combination of some notable players in the industry including mining consultants, Mining Plus, boutique corporate finance house, PARQ Capital, top tier legal firm, Ashurst Australia and now the rapidly emerging engineering and contracting company, Primero.
Primero is capped at some $39m and the resources industry project designer, constructor and operator will no doubt be a handy edition to Barton’s list of advisers as it seeks to restart its assets and list on the ASX.
Primero Managing Director, Cameron Henry said: “We continue to share Barton’s view that their package of South Australian mines, projects and processing infrastructure present several major opportunities and long-term strategic options.”
“We are pleased to support that shared vision through further investment and continued initiatives to align our companies’ long-term strategies and interests.”
Primero has the right now to nominate a director to the Barton board, with Graham Arvidson set to take up that role. Mr Arvidson is an engineer and mineral economist and is Primero’s GM of Operations and Maintenance.
Barton Managing Director, Alexander Scanlon said: “Given his stellar track record, Graham would have been our first choice to supervise processing optimisation and operations for the Company’s assets. We are privileged to gain his experience at the Board level and honoured to welcome Graham as Barton’s newest Director.”
Barton’s fast evolving plan to restart the mothballed Tarcoola project is coming to the pointy end with operations slated for as early as 2021.
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By Matt Birney
