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Raleigh Finlayson says Saracen will retain ongoing exposure to the asset through its shareholding in Red 5. Photo: Attila Csaszar

Red 5 buys two gold mines

Red 5 has struck agreements to buy Gold Fields' Darlot mine and Saracen Mineral Holdings' King of the Hills mine for a combined $34 million in cash and shares.

Saracen told the market this afternoon it had received $7 million in up-front cash and 90 million Red 5 shares in exchange for the asset, plus a further $4.5 million in either cash or shares.

As part of the deal, Saracen will sub-underwrite $1.5 million out of a $12.7 million rights issue that Red 5 is undertaking. South African miner Gold Fields is underwriting $8.5 million of the raising. It will be priced at 5 cents a share.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/07/17

1 year TSR5 year TSR
135thMount Gibson Iron53%-11%
486thSaracen Mineral Holdings-22%24%
727thBeadell Resources-64%-22%
770thPaladin Energy-77%-46%
710 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

02/08/17
$0 Bought
02/08/17
$0 Other
10/05/17
$0 Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

14th↑Mount Gibson Iron$331.0m
15th↑Saracen Mineral Holdings$276.6m
17th↑Paladin Energy$261.4m
18th↑Beadell Resources$250.3m
491 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Saracen Mineral Holdings

9thRaleigh Finlayson$3.222m
198thCraig Bradshaw$590k
326thDaniel Howe$428k
Ranked by total remuneration from all listed WA companies

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