Ramelius Eyes Penny WestFebruary 10, 2020
Ramelius Resources has made a takeover offer for Spectrum Metals, valuing the offer at $208M (or around A$230M inclusive of options).
Under the cash and scrip deal, Ramelius is offering one of its shares for every 10 SPX shares and 1.7c per SPX share, which equates to about 15c per SPX share (or roughly $208m) — a 52 per cent premium to Spectrum’s last closing price of 9.9c on Friday.
Spectrum’s directors unanimously recommended the offer and indicated that they would accept the offer for all their shares.
The takeover adds the high-grade Penny West gold project in Western Australia to Ramelius’ portfolio, which the company says is in line with its goal of acquiring high-quality assets within a radius of existing production hubs without incurring significant on-site capital expenditure.
Penny West currently has a resource of 799,000 tonnes at 13.8 grams per tonne (g/t) gold, or 355,500 ounces of contained gold, and has further exploration potential at depth and along strike.
Ramelius plans to carry out a comprehensive review to determine the optimal pathway to first cash flow from the project upon completion of the offer.
The company produced 196,679 ounces of gold in the 2019 financial year at an all-in sustaining cost of $1,192 per ounce and recorded a net profit after tax of $21.8m
Auralia has been privileged to provide our expert mine consulting services and assistance to Ramelius since 2017 – if you’d like to engage Auralia, please contact us via this website.
[Credit: Stockhead, Picture: Ramelius Resources]
Christmas/New Year Office ClosureDecember 13, 2019
Holiday Office Hours: Please note that our office will close December 20, reopening January 6 2020.
Lynas to build plant in KalgoorlieDecember 9, 2019
Congratulations to Lynas for continuing to support the WA mining industry and the Kalgoorlie-Boulder community. Auralia has been proud to be involved assisting Lynas with Mine Engineering, Ore Reserve, Planning and Scheduling, along with onsite Mine Geology services for Mt Weld since coming on-board in 2015.
For more information on these latest developments head to the Kalgoorlie Miner article here.
#AuraliaTurns10 #MtWeld #Lynas #REO
Additional Ounces for MundaNovember 13, 2019
Congratulations to Neometals on today’s release of additional nickel mineral resources at their Munda deposit located at Mt Edwards. Auralia has been proud to be involved in assisting the team at Neo Metals with this work and look forward to continuing to do so into the future.