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WA explorers Horizon and Greenstone announce merger

Horizon Minerals has agreed to acquire all shares and options of local peer Greenstone Resources, resulting in the merger of the two companies’ Goldfields assets. The transaction will see Horizon buy 100% of the ordinary shares in Greenstone and 100% of the listed Greenstone options. Upon completion, Horizon shareholders will own 63.1% of the merged entity, which will continue to operate under the Horizon Minerals brand. Greenstone shareholders will own the remaining 36.9% of the combined business. 

Kin closes divestment of Cardinia gold deposits in WA

Kin Mining has concluded the sale of select gold deposits within its Cardinia Gold Project in Western Australia to Genesis Minerals. Under the deal, Kin secured A$15m ($9.78m) in cash and 21,917,532 fully paid Genesis Minerals shares. With the additional shares, Kin’s stake in Genesis Minerals has increased to 3.4%. 

Stanmore to buy South32’s stake in Queensland coal project

Stanmore Resources will acquire a 50% interest in the Eagle Downs Metallurgical Coal joint venture project in Queensland from mining company South32 for A$206.5m ($135m). This includes an upfront cash payment of $15m, $20m upon the first 100,000 tonnes of coal being mined, and a capped royalty of about $100m. 

Source: Pharmaceutical Technology

Australian gold producer Red 5 to acquire Silver Lake

Australia-based Red 5 is set to acquire compatriot Silver Lake Resources, enabling the formation of a diversified mid-tier gold company. The merged company is expected to produce 445,000oz annually for FY2024, underpinned by ore reserves of four million ounces and a mineral resource inventory of 12.4 million ounces. It will have four mining hubs in tier 1 gold jurisdictions in Western Australia and Ontario.