Canada-based Great Panther Mining has completed the previously-announced acquisition of gold producer Beadell Resources.
As part of the deal, Great Panther acquired 100% of the issued and outstanding shares of Beadell by issuing 103,593,043 of its shares to Beadell shareholders, a total which represents around 38% of the post-acquisition issued and outstanding shares of Great Panther.
In September last year, Great Panther signed a scheme implementation deed to acquire all of the issued ordinary shares of Beadell through a scheme of arrangement.
Great Panther Mining president and CEO James Bannantine said: “We are very pleased to close this important transaction that immediately transforms Great Panther into an intermediate precious metals producer with a strong and diversified portfolio of producing mines, advanced stage growth projects, and exploration assets.
“Combining Great Panther and Beadell’s respective guidance adds to approximately 200,000 of gold equivalent ounces for 2019 and positions the company in the ranks of intermediate producers.
“Our focus in the near-term will be on the integration of the Brazilian operations, the continued optimisation of the Tucano gold mine, and advancing an exploration programme to unlock the significant exploration potential of Tucano.”
The combined entity will now have a diversified portfolio that includes three mining operations in Mexico and Brazil, as well as the Coricancha project in Peru.
Great Panther is considering restarting operations at the Coricancha mine, which the company claimed to have the potential for silver production of up to 3Moz per year when it purchased the project in 2016. The company expects to make a decision on whether or not to restart operations by the end of this month.