16/07/2021 - 15:00

Harmanis sells entire $23m Kin Mining stake

16/07/2021 - 15:00

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Melbourne's St Barbara has bought a significant stake in Kin Mining from philanthropist and mining magnate Kerry Harmanis.

Harmanis sells entire $23m Kin Mining stake
St Barbara's Leonora operations sit close to Kin Mining's Cardinia project. Photo: St Barbara

Melbourne's St Barbara has bought a significant stake in Kin Mining from philanthropist and mining magnate Kerry Harmanis.

St Barbara recently purchased about 158 million shares – including almost 146.3 million from Harmanis Holdings – for a 19.79 per cent interest in Kin Mining.

Mr Harmanis, whose shares were worth $23.4 million, is no longer a shareholder of Kin Mining.

He was the founder and former chairman of nickel company Jubilee Mines, and now chairs Talisman Mining.

Mr Harmanis has been a cornerstone investor in Kin since the company listed on the ASX in 2012, managing director Andrew Munckton said.

“Kerry has been a wonderfully supportive shareholder who has participated in all of our capital raisings, purchased shares on-market, provided valuable strategic advice and wise counsel over many years, helping us to get to the current position where we have a strategically located 1.12moz (million ounce) gold inventory in the Leonora district,” Mr Munckton said.

He welcomed St Barbara as a new shareholder.

“We look forward to working with St Barbara to unlock the potential of the Cardinia gold project, where we have major, ongoing exploration programs aimed at increasing our mineral resource inventory, making new discoveries and ensuring our assets are operationally ready.”

The Cardinia project is located close to St Barbara’s Gwalia underground mine and 1.2 million tonnes per annum processing plant, near Leonora.

The operation produced 158,800 ounces of gold in the year to March 31.

Shares in St Barbara closed down 1.5 per cent to trade at $1.95 on Friday. 

Meanwhile, Kin Mining has dropped 9 per cent on the ASX to trade at 14 cents per share.

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