Genesis mulls gold mine sales once Vault takeover is completed
Gold producer Genesis Minerals is looking to sell or spin off some Australian mines after it completes a takeover of Vault Minerals.
“We’re in a strategic review at the moment,” Genesis executive chairperson Raleigh Finlayson said at a press conference Wednesday. The company had a “whole bunch of options” including selling mines or splitting them off into a new company that would sit outside the nation’s top 100, where there are “an unhealthy number of gold companies,” he said.
Genesis and Vault are set to complete a combination announced in July by late next month. The two companies have a combined market capitalization of about A$14.5-billion ($10.1-billion), and a vast footprint across Western Australia’s Goldfields region that includes five major mines and shared infrastructure.
Once completed, the combined company would be one of Australia’s largest gold miners with about 700000 ounces of yearly production.
