A ‘Succession-type’ boardroom meeting awaits the gold miners to decide the fate of St Barbara’s Leonora assets.
St Barbara’s Gwalia gold mine remains at the centre of a figurative tug-of-war between Genesis Minerals and Silver Lake Resources., inked a $628 million deal for St Barbara’s Gwalia mine in April, before Silver Lake offered to buy the assets for more than $700 million shortly after. St Barbara’s top brass remained committed to Genesis’ bid, much to the chagrin of Silver Lake, which would like to conduct due diligence.
It was not until March 2022 that Genesis and St Barbara formalised their talks. As discussions advanced, St Barbara was haemorrhaging cash. St Barbara would not need to invest approximately $180 million into the Tower Hill mill, while up to $70 million may not be needed on expanding the Leonora mill, for example, documents seen by theMacquarie’s Campbell Johnson, a division director, was tasked with advising St Barbara, while KingWood Mallesons was legal counsel. Genesis appointed Tim Day of Sternship Advisers, a Perth-based boutique, and Thomson Geer was its legal adviser.
“You cannot just turn up and say: ‘we want a look’. You need to give an idea of value and how the transaction would work,” said one person.
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