Genesis open for more consolidation in WA
KALGOORLIE (miningweekly.com) – Mid-tier gold miner Genesis Minerals was open to further consolidation in the Leonora region of Western Australia, following its deal with fellow-listed gold miner St Barbara.
The company acquire St Barbara’s Leonora assets for A$370-million in cash and the issue of 205-million shares. The acquisition has resulted in the group’s ore reserves increasing to 3.9-million ounces.
Genesis’ near-surface Admiral and Ulysses development projects would be paired with the newly acquired Gwalia mine to full the underutilised Gwalia mill, with Admiral hosting a reserve of some 120 000 oz and Ulysses a reserve of some 360 000 oz.
“We have all of the organic ingredients to get where we wanted the company to be over the next five years at 300 000 oz/y production, but there are still opportunities in the air,” MD Raleigh Finlayson said on the sidelines of Diggers & Dealers.
“We have merger and acquisition criteria in place, and we will stick to that. We will look for things that are sensible, logical and creative, but most importantly can deliver synergies.”
Genesis is currently completing a strategic review of the Gwalia operation in order to effectively increase production from the underground mine, right sizing the operation in order to reduce costs.
The company is also working on its five-year outlook, which will be released to market in the March quarter of next year, setting a new production target as well as all-in sustaining cost and growth capital targets.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.
VISIT SHOWROOM
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
