Intermin sets up $40m acquisition of Coolgardie gold project

Intermin Resources has secured an exclusivity deed with Focus Minerals to potentially acquire the Coolgardie gold project in Western Australia for $40 million.

The five-month exclusivity period will allow Intermin and Focus to finalise formal documents for the proposed cash and share deal, and secure the required approvals.

Intermin, which announced a merger with MacPhersons Resources last December, will pay Focus $300,000 in the next seven days to execute the deed.

The 2.1 million ounce resource Coolgardie project includes the 1.2 million tonne per annum Three Mile processing plant, which is currently on care and maintenance.

Intermin managing director Jon Price said: “The potential consolidation of the Intermin and MacPhersons assets with the Coolgardie gold project would be a natural fit, delivering additional high grade open cut and underground ore sources to the base load Boorara project and Intermin’s satellite projects, as well as the conventional 1.2Mtpa processing facility.”

Intermin and MacPhersons are expected to create a new company, Horizon Minerals, once the merger has been approved.

Focus chief executive officer Zhaoya Wang said the signing of the deed established a clear pathway for the parties to negotiate and execute the formal documents for the sale of Coolgardie over the coming months.

“The Coolgardie project complements the existing projects of Intermin and, potentially, MacPhersons, all of which are proximal to the Three Mile Hill processing facility proposed to be acquired by Intermin,” Wang said.

The potential deal with Intermin allows Focus to continue to progress its Laverton gold project, Wang added.

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