Regis cleared to complete acquisition of a 30% stake in Tropicana gold mine

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Regis Resources has been given the go ahead to complete the proposed acquisition of a 30% interest in the Tropicana gold mine from IGO Limited.

The announcement comes after AngloGold Ashanti decided to waive its pre-emptive right over the 30% stake in Tropicana, allowing Regis to acquire the stake from its Tropicana joint venture partner IGO Limited.

According to Regis’ statement, completion of the A$903 million acquisition is expected to occur ‘on or around 31 May 2021’.

“We are very pleased that the Minister’s approval for the tenement transfer has been received and, now that the transaction is unconditional, we look forward to completing the deal,” said the Regis’ Managing Director Jim Beyer.

“As I’ve said previously, this acquisition provides significant strategic benefits to Regis and when combined with our existing assets, provides a larger-scale, longer-term financial and operating platform to pursue internal and external growth opportunities.”

Image credit: https://www.igo.com.au/site/our-business/images-video-gallery/operational-photos