Genesis Minerals to acquire Magnetic Resources for AUD639m.

Genesis Minerals, a gold exploration and mine development company that conducts gold mining, processing, and drilling operations, agreed to acquire Magnetic Resources, a mid tier gold developer focused in the Laverton area of Western Australia, for AUD639m. "This transaction creates substantial value for both groups of shareholders, delivering genuine synergies while combining the right assets with the right people. Magnetic’s Lady Julie Gold Project will add more than 2Moz at an attractive high grade to Genesis’ Laverton inventory, further bolstering the mine life and production outlook. Shareholders of both companies will benefit by leveraging Genesis’ existing infrastructure, including the 3Mtpa Laverton mill, and through the savings which would flow from a single open pit development," Raleigh Finlayson, Genesis Executive Chair.