Genesis Minerals shares have risen sharply on the back of a revised deal to acquire St Barbara's Leonora assets without taking on the miner's Canadian and Papua New Guinea operations.
Genesis Minerals is understood to have locked in a new deal to buy St Barbara's Leonora assets for $600 million while removing risks tied to its earlier merger plan.
Shares in St Barbara and Genesis Minerals will remain in a trading halt until after the weekend as the companies negotiate new terms for their planned deal.
Leonora centrepiece St Barbara has copped a big loss ahead of its merger with Genesis Minerals, as new miner Red 5 pushes its case as a “logical” processing hub for players in the prominent gold province.
Shares in St Barbara and Genesis Minerals have both risen strongly today in a rare example of both parties to a takeover deal gaining from the transaction.
