THE BOURSE WHISPERER: Ramelius Resources (ASX: RMS) finalised the acquisition of the Marda gold project in Western Australia.
Ramelius Resources explained the completion of the acquisition came after the receipt of Federal Court approval to transfer the shares of Black Oak Minerals Limited to Ramelius on 31 January 2019.
Ramelius subsequently paid the final consideration of $11 million, marking completion of the transaction.
The Marda gold project is located 191 kilometres north-northeast of Ramelius’ Edna May operations.
The company considers it to represent a shear-controlled gold system within trucking distance of Edna May.
Ramelius indicated that work on development studies will now be finalised, with results to date demonstrating that utilising Marda as a satellite ore source to supply high-grade feed will extend mine life and maximise the value of existing infrastructure at Edna May.
“The successful acquisition of the Marda gold project secures additional high-grade ore within trucking distance of the Edna May processing facility, reinforcing Ramelius’ commitment to growth, and well and truly establishing Edna May as a new production hub,” Ramelius Resources managing director Mark Zeptner said in the company’s announcement to the Australian Securities Exchange.