St Barbara’s $780 million acquisition of Atlantic Gold is going from bad to worse - and it threatens to blow up a $1 billion deal involving Kerry-Stokes backed Genesis Minerals.
St Barbara’s disastrous $780 million acquisition of Atlantic Gold is casting a big shadow over plans by Kerry Stokes-backed Genesis Minerals to consolidate gold assets in Western Australia and create a major new player known as Hoover House.
and Atlantic would be spun out into a new ASX-listed entity known as Phoenician Metals, with 80 per cent of the stock sitting with St Barbara shareholders and the remainder owned by Hoover House. “In the company’s view, compilation of the information required to answer the minister’s questions would indeed take more time than is available before capacity of the existing tailings management facility is reached in early 2023-24,” St Barbara said in a statement to the ASX.
“Today’s ruling from the Nova Scotian minister for environment will be the final nail in the coffin of the St Barbara-Genesis merger in its current form,” he said.
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