St Barbara has received the blessings of the Bardoc Gold shareholders as it looks to acquire all issued shares in the emerging gold miner.
A Bardoc scheme meeting resulted in 98 per cent of voting Bardoc shareholders approving the transaction, which paves the way for final approvals to take place.
Bardoc will apply for approval from the Supreme Court of Western Australia at a hearing scheduled for April 1. If successful, once the court orders are lodged with the Australian Securities and Investments Commission (ASIC), Bardoc shares will cease trading on the ASX at the close of April 4.
Following a deferred settlement, the new St Barbara shares will commence trading on the ASX on April 14.
Bardoc shareholders will own approximately 13 per cent of all St Barbara shares once the transaction has been implemented, with St Barbara shareholders owning 87 per cent of the company’s shares.
The transaction comes after Bardoc initiated a strategic review of its Bardoc gold project in September 2021, which highlighted St Barbara as the logical owner of the project given the relevant infrastructure connecting Bardoc with St Barbara’s Leonora processing plant.
For St Barbara, the Bardoc acquisition positions the company to accelerate its Leonora Province Plan connected to its Leonora gold operations, with the advanced Zoroastrian and Aphrodite underground deposits identified as noteworthy assets for the ASX-200 gold miner.
St Barbara will look to integrate Zoroastrian into the Province Plan as a source of near-term mill feed, while ore from the Aphrodite refractory underground deposit will enable the ASX-200 miner to accelerate the installation of refractory treatment capacity at the Leonora processing plant.
St Barbara managing director and chief executive officer Craig Jetson said the Bardoc acquisition was a logical decision given the compatibility of its assets.
“St Barbara has been focused on expanding our footprint within the Leonora province to fill the mill by growing our deposits through acquisitions and exploration. Acquiring Bardoc Gold unlocks access to extensive land packages near our Leonora operations,” he said when the acquisition was first announced.
“The location of the Bardoc gold project, situated near the rail line and highway to the south of Leonora, brings the Bardoc ore bodies within economic haulage range of our Leonora processing plant.”