St Barbara sells down stake in $452m gold miner Catalyst Metals
The $452 million WA gold miner Catalyst Metals has bid farewell to its largest shareholder, St Barbara Limited, after its shares rallied 286 per cent over six months. St Barbara and Catalyst signed a joint venture to develop the Drummartin gold project in Victoria in 2019. Jim Rice
Street Talk understands St Barbara was the seller behind 12.69 million Catalyst shares crossed before Friday’s market open by stockbroker Petra Capital.
The trade was done at $2 per share, and cleans out St Barbara’s 5.6 per cent stake in Catalyst.
Catalyst’s flagship asset, dubbed the Plutonic gold mine in Western Australia, stretches across 40 kilometres and produces about 110,000 ounces of gold production a year.
Since July last year, the company has been evaluating mineral resource estimates across the project, which it has told investors holds a mineral endowment of 10 million ounces.
Its CEO James de Crespigny’s strategy seems to be working, with the stock up from 80¢ in January to $2 now.
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