Deal is the biggest transaction of its type for a mid-tier gold miner in recent years
Shandong Gold has obtained a 51% equity stake in Aussie gold producer Focus Minerals (ASX:FML) following the completion of an AUD$225mn placement to the northern Chinese miner.
The Australian reports that Focus shareholders gave the go-ahead to the deal earlier this month, and that the company hopes to use the cash injection to push forward development of existing gold projects in the Goldfields-Esperance region of Western Australia.
The company plans to spend $18m on drilling to expand ore reserves and $22m on the exploration of tenements situated in Laverton, Coolgardie and Treasure Island. ...