Westgold raises A$100m for growth plans
PERTH (miningweekly.com) – Gold miner Westgold Resources has completed a A$100-million placement to institutional and sophisticated investors to accelerate its growth strategy in Western Australia.
The ASX-listed company on Monday said that it would place 48-million shares, at a price of A$2.10 each, under its existing placement capacity. The placement price represented an 13.9% discount to Westgold’s last trading price, and an 11.7% discount to the company’s five-day volume weighted average share price.
“The scale of market support of this placement strongly endorses Westgold’s growth plans and speaks to the growing momentum and the evolution of our business,” said executive director Wayne Bramwell.
“Westgold will systematically deploy these funds to expand gold production in 2023 and 2024 from Bluebird, Fender and the Tuckabianna trend, underpinning the expansion of our processing hubs. Concurrently, and with a view to 2024 onwards we will rapidly advance the strategic and iconic high-grade Great Fingall and Golden Crown mines.
“This placement heralds a new phase of corporate development at Westgold. Operationally we are sharply focussed on cost management and profitability of the business at its current scale and can now launch the next stage of growth for our shareholders from a position of increasing strength.”
Westgold’s Murchison and Bryah strategy is aimed at an ultimate production of more than 400 000 oz/y of gold from 2024.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
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

















