Genesis Mining, Gold, Leonora gold mine, News, St Barbara, Takeover bids

Genesis formally acquires Leonora

St Barbara

St Barbara’s Leonora assets have now been acquired by Genesis, bringing to an end a months-long takeover process.

The acquisition includes the Gwalia underground mine, Leonora mill, Tower Hill project, Zoroastrian project, and the Aphrodite and Harbour Lights refractory projects.

Genesis managing director Raleigh Finlayson said the transaction has created a leading Australian gold house, 100 per cent focused on Leonora.

“Most importantly, we can now get on with the job of unlocking the unique synergies and delivering the long life, ‘margin over ounces’ Leonora business plan we have clearly articulated to shareholders” Finlayson said.

“The next six months will be focused on a strategic review of Gwalia, rebuilding the foundations to ensure a new lease of life for this prolific gold asset.

“On behalf of Genesis, I would like to thank St Barbara for its co-operation throughout the transaction and extend a warm welcome to our new colleagues at the Gwalia operation who are now part of the Genesis team.”

The acquisition of the Leonora assets reached a new milestone in June when Genesis Minerals shareholders voted in favour of the transaction.

In the months leading up to the vote, Silver Lake Resources was also trying to acquire Leonora, upping its bid several times until it reached $722 million.

Though Genesis had a lower offer of $614 million, St Barbara remained loyal to the deal, indicating that it would accept the offer due to it being legally binding and fully funded.

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