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Ramelius makes strategic investment in Spartan

27th June 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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ASX-listed Ramelius Resources has bought 8.5-million shares in fellow-listed Spartan Resources as a strategic investment, representing about 8.9% of Spartan’s ordinary shares on issue.

Spartan’s Dalgaranga gold project is about 86 km north-west of Mount Magnet in the Murchison region of Western Australia. Ramelius continually evaluates gold assets in Western Australia and makes investments in the sector where it believes there is a strategic rationale.

“Ramelius has an enviable portfolio of multi-stage operations and a development project that is underpinned by the long-life, low-cost Mt Magnet operation. We also have extensive greenfield exploration opportunities and our investment into Spartan Resources provides us with a strategic addition to the portfolio,” commented Ramelius MD Mark Zeptner.

Following the purchase of Spartan shares, Ramelius has A$446-million in cash and gold and its operations are forecast to continue generating free cash flow over the medium term.

Edited by Creamer Media Reporter

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