St Barbara acquires 14.4% stake in Geopacific Resources
Gold producer St Barbara will acquire a 14.4% interest in Geopacific Resources through a share transaction with Patronus Resources, aligning the company with the development of the 1.67-million-ounce Woodlark gold project in Papua New Guinea.
Under the proposed deal, Patronus will transfer 458.6-million Geopacific shares to St Barbara in exchange for 158.1-million Patronus shares, which St Barbara will sell back to Patronus through a selective buy-back. The transaction is subject to approval by Patronus shareholders.
On completion, St Barbara will become a substantial shareholder in Geopacific, while Patronus’ stake will reduce to about 41-million shares, removing its status as a substantial holder.
Geopacific noted that St Barbara’s existing presence in Papua New Guinea through its Simberi gold mine offers operational experience and strategic alignment for the development of the Woodlark project, which is 100%-owned by Geopacific.
A July 2024 scoping study for Woodlark proposed total gold production of 1.14-million ounces over a 12.1-year mine life from low-strip openpit mining of more than 97% measured and indicated mineral resources. Average gold production of about 95 000 oz/y will be delivered by a 2.9-million-tonne-a-year conventional carbon-in-leach processing facility at an average 90.1% gold recovery.
Preproduction capital is estimated at A$326-million for mine development, gold plant and infrastructure engineering, procurement and construction management costs, first fills and critical spares.
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