Genesis, St Barbara rumours simmer

Raleigh Finlayson-led Genesis Minerals has addressed media speculation regarding potential merger and acquisition activity with fellow ASX-listed gold play St Barbara.  

Genesis took to the ASX in response to a column published in the Australian Financial Review earlier this week that hinted Genesis and St Barbara had been in takeover talks.

In a statement, Genesis confirmed that it had reviewed a number of “business development opportunities” focused on Western Australia’s Leonora region, which hosts the company’s namesake flagship.

But it stopped short of confirming whether a deal was likely to eventuate. 

“Genesis advises that it has reviewed a number of business development opportunities in the Leonora region of Western Australia, including merger and acquisition discussions with St Barbara,” Genesis said.

“No agreements have been concluded with any of these opportunities and there are no current discussions with St Barbara.

“Should an agreement be reached at any time, Genesis will make an appropriate announcement to the market in accordance with its disclosure obligations.”

Deal rumours come six months after Melbourne-based St Barbara flagged plans to acquire Fremantle-based junior Bardoc Gold and its namesake gold project in WA’s Eastern Goldfields for $157 million. 

Prior to that, Genesis managing director Raleigh FInlayson helped orchestrate a mega merger between Saracen Minerals, the company he led at the time, and Northern Star Resources. 

Mr Finlayson joined Genesis as its new managing director in February 2022, tasked with developing the Ulysses deposit which sits within the company's broader Leonora project. 

St Barbara shares were up 2.13 per cent to trade at $1.20 in a $974.9 million market cap. 

Genesis issued a pause in trading ahead of the annoucement, last trading at $1.48.