Genesis Minerals acquires Magnetic Resources in strategic deal
Genesis Minerals (ASX:GMD) announced a binding agreement to acquire 100% of Magnetic Resources (ASX:MAU) via a scheme of arrangement.
The strategic move centres on Magnetic’s flagship Lady Julie Gold Project, which boasts a substantial mineral resource of approximately 2.2Moz grading 1.8g/t Au.
The acquisition is a logical expansion for Genesis, as Lady Julie sits just 20km away from their existing 3Mtpa Laverton mill.
By integrating this high-grade inventory, Genesis aims to de-risk development through its proven mining expertise and existing infrastructure, while unlocking significant cost synergies.
The deal also expands the company's footprint along the emerging Chatterbox Trend, pushing Genesis toward a pro forma resource base of 21.0Moz mineral resources and 5.2Moz ore reserves.
At the time of reporting, Genesis Minerals’ share price was $7.44.
More from Australia
Woodside Energy cuts 500 jobs to slash costs by US$570M
NSW panel recommends 26 stricter data centre rules
Top End Energy applies to surrender permit EP 153
Neuren Pharmaceuticals upgrades full year guidance
Vicinity Centres places earnings guidance under review
Resources & Energy expands Menzies Project by 69%