
Minerals 260 Acquires Bullabulling Gold Project for A$166.5 Million
In a significant move within the mining sector, junior explorer Minerals 260 has announced its acquisition of the Bullabulling gold project in Western Australia from Zijin Mining for A$166.5 million ($103 million) through a cash and shares deal. [source] Minerals 260, which had A$9.9 million in cash as of September and a market capitalization of A$30 million, plans to fund the acquisition through an equity raising effort managed by Bell Potter Securities and Argonaut. More details of this plan are anticipated soon.
Led by Tim Goyder, chairman of both Minerals 260 and Liontown Resources, this acquisition marks a strategic expansion in the company's operations amidst record-high Australian gold prices. According to IndexBox, Australia's gold price has remained strong, bolstering potential project profitability.
The project, positioned southwest of Kalgoorlie, was initially discovered in the 1960s and produced 179,000 ounces of gold before being placed on care and maintenance in 1998. Zijin acquired the project in 2014 for A$25 million. The current resource at Bullabulling is estimated at 60 million tonnes at 1.2 grams per tonne gold, equating to 2.3 million ounces. The acquisition is expected to position Minerals 260 for rapid growth in the gold sector, leveraging Bullabulling's potential amidst favorable market conditions.
Fast-Track Development Plans
Minerals 260 aims to fast-track the project's development, capitalizing on current gold prices that exceed A$4000/oz. As part of the plan, the company has announced a comprehensive drilling program, intending to launch 80,000 meters of new exploration drilling. The focus will be on the underexplored southern areas, complementing the 530,000 meters of historical drilling. By September 2025, studies are set to begin, targeting a defined maiden reserve in the north, where 89% of the ounces are in the indicated category.
In the company's pursuit of growth and expansion, McFadyen highlighted the significance of this deal, noting the subsequent need for re-compliance with ASX listing rules due to the scale of the acquisition. The company anticipates resuming trading by late March or early April, post shareholder approval and issuance of a prospectus for the equity raising.
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1. INTRODUCTION
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2. EXECUTIVE SUMMARY
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3. MARKET OVERVIEW
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10. PROFILES OF MAJOR PRODUCERS
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LIST OF TABLES
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LIST OF FIGURES
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- Market Size And Growth
- Per Capita Consumption
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- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Production, By Country, 2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, 2012–2024