Australian miner Genesis Minerals has entered into a binding share purchase agreement with Focus Minerals to acquire the Laverton gold project in Western Australia for A$250 million ($162.3 million).
The move is designed to enhance Genesis Minerals’ production capabilities and cash flow, while delivering significant synergies by combining the mines with regional processing infrastructure.
In addition to the large mineral resource, the Laverton project includes 455 km2 of prospective gold, providing significant exploration potential at both the mine and regionally.
The transaction, which is subject to no conditions, is expected to close by early June 2025.
Genesis views the acquisition as a step towards combining the assets of Focus and Genesis at Laverton, including the recently relaunched three million tonne per annum Laverton plant. The project has an estimated mineral resource of 73 million tonnes at 1.7 g/t, representing 3.9 million ounces, and 546,000 ounces of reserves at 1.3 g/t.
The Laverton gold project assets, including site infrastructure such as workshops and access roads, as well as historical production of approximately 3.6 million ounces, will now be transferred to Genesis.
The company said the project has clear potential to supply ore from open pits and underground mines to Genesis' Laverton plant, located approximately 30 km away.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
