Warring joint venture partners Northern Star Resources and Tribune Resources have been cautioned by a Supreme Court judge to avoid a 'Stalingrad' outcome of mutual commercial devastation.
Evolution Mining has purchased a 19.9 per cent stake in Tribune Resources, which holds a major interest in the East Kundana project operated by Northern Star Resources.
The Australian Securities and Investments Commission has appointed Morgan Stanley Wealth Management to sell approximately 12 million ordinary shares in Tribune Resources.
Northern Star Resources has been knocked back in its $150 million bid to acquire a near-half stake in the East Kundana gold mine from its joint venture partners Tribune Resources and Rand Mining, which say the offer significantly undervalues the asset.
Orders from the Takeovers Panel forcing Rand Mining to sell its $60.1 million stake in closely linked gold miner Tribune Resources have been put on hold following a review application.
The Takeovers Panel has ordered the sale of a $60.1 million stake in gold miner Tribune Resources, along with updated disclosure from some of the company's major shareholders.
Shares in local gold stocks Tribune Resources and Rand Mining have soared today, after each announced special dividends worth a combined $250 million, following an adverse ruling by the Takeovers Panel on Monday.
The Takeovers Panel has made a finding of unacceptable circumstances against ASX-listed Tribune Resources, which is led by managing director Anthony Billis.
Tribune Resources and Rand Mining will empty their cash reserves to pay out inaugural dividends to their shareholders, with their shared managing director to reap $3.1 million.
