Genesis of Grand Gold Merger Unveiled
Genesis Minerals has won the hand of struggling Dacian Gold in an all-share takeover worth $111 million, expanding its footprint in the Leonora area of WA’s goldfields.
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Dacian Gold is an Australian gold miner focussed on high margin, sustainable production and an organic growth focus from its highly prospective land package in Western Australia.
Genesis Minerals has won the hand of struggling Dacian Gold in an all-share takeover worth $111 million, expanding its footprint in the Leonora area of WA’s goldfields.
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Action in the local gold space, with two weak members of the herd targeted by an aggressive smaller predator in a potential three-way merger with a total value of more than $1bn.
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The past week has seen the Australian gold sector spring a leak, with three good producers revealing unexpected operational problems, catching investors on the hop.
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Just a few weeks after revealing its maiden ore reserve estimate for its Redcliffe Gold Project, Dacian Gold has revealed a significant upgrade in prospects at two key WA projects.
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Rating on Dacian Gold is upgraded to Neutral with the target rising to $0.35 from $0.33.
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Dacian Gold's December quarter report showed production in line with a pre-release and costs -10% lower than expected. Underperform and 34c target retained.
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Not the news the market wanted to hear from Dacian Gold. Just as world gold prices sit near eight-year highs, Dacian has cut its outlook for 2020-21 gold production, news which sent the shares spiralling.
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A rising US dollar gold price is taking global gold equities higher and brokers note Australian gold stocks are lagging the move.
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Dacian Gold has completed its recapitalisation via a $98m raising, and the broker has returned from restriction to set an Outperform rating, given the company's credit risk, which previously had the broker on Underperform, has been materially reduced. Target 45c on dilution (previously 70c).
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Bullion’s romp beyond the record $2000 an ounce level in Aussie dollar terms has prompted investors to take a closer look at the pantheon of ASX-listed local gold producers – despite some problems in the mid-tier that have tarnished the sector.
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