Ann: ENR:Drilling Commenced at Yeneena Copper - Paterson Province, page-10

Note: Not the whole article, there was a lot of fluff.


Battery metals play IGO Ltd has wasted no time in readying its 30 per cent stake in the Tropicana Gold Mine for sale.Street Talk can reveal IGO and its bankers at Macquarie Capital have started corralling potential buyers into a two-part auction, which is expected to span over the summer and could bring about a $1.5 billion windfall to the group and its shareholders.

IGO Ltd has made it abundantly clear it is not a forced seller - let alone a "definite seller".

The mine was pitched as the youngest of the top tier Australian gold mines, with 3 million ounce JORC Reserves and 7 million ounces on a Resources basis. Cash costs were $806 an ounce in the 2020 financial year, while the all-in sustaining costs were $1171 an ounce.

It'll be interesting to see who turns up to Macquarie's mooted two-stage auction. Gold M&A is picking up - as seen by the Northern Star Resources/Saracen Minerals merger, and Aurelia Metals' deal last week.Bankers reckon AngloGold shapes as the most logical acquirer given its position as the owner of the other 70 per cent and operator.

A bunch of ASX-listed gold plays are expected to take a look, with Gold Road Resources arguably the most keen. Others include Evolution Mining, as well as Northern Star and/or Saracen, and Regis Resources.