Canada’s Anatolia to buy Australia’s gold miner Avoca Resources for $964.7 mn
08 Sep 2010
Canada's emerging gold producer, Anatolia Minerals Development Ltd, today said it plans to buy Australia's Avoca Resources for C$1.01 billion ($964.7 million), the latest merger in the global gold industry.
Perth, Western Australia-based Avoca is an S&P / ASX 200 gold mining and exploration company , which has grown rapidly since its listing in 2002.
Avoca's 100 per cent owned Higginsville Gold Operation has grown into a large gold production centre with a forecast production level for FY2011 of 190,000 ounces.
The majority of the Higginsville production is sourced from the high grade Trident underground gold mine which was discovered by Avoca in late 2004.
It also owns the South Kalgoorlie mine, which is forecasted to produce 90,000 ounces in 2011.
Following the acquisition of Dioro, Avoca now has the dominant position on Australia's richest gold belt: the Kalgoorlie to Norseman gold belt. Avoca owns two 1.2 million tonne per annum treatment plants, has reserves of over 1.3 million ounces of gold and a resource base of 6.7 million ounces; as well as over 3,800kms of very highly prospective exploration ground.