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Genesis acquires the Laverton gold project in Western Australia for US$162 million
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Release time：2025-05-27
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This acquisition from Focus Minerals will unlock significant synergies by combining the ore body with regional processing infrastructure.
Genesis Minerals has reached a binding share purchase agreement with Focus Minerals to acquire the Laverton gold project in Western Australia for A$250 million (US$162.3 million). This move aims to enhance Genesis Minerals' production capacity and cash flow, while unlocking significant synergies by combining ore bodies with regional processing infrastructure. The acquisition also includes 455 square kilometers of gold exploration land, presenting considerable exploration potential both on and around the mine site. The transaction has no preconditions and is expected to be completed in early June 2025. Funding for the acquisition will come from Genesis' existing cash reserves and an expanded corporate revolving credit facility, which has been increased from US$120 million to US$225 million. This leaves Genesis with approximately A$350 million in available funds post-completion, ensuring ongoing balance sheet flexibility.
Genesis views this acquisition as a step towards consolidating Focus and Genesis' Laverton assets, including the recently restarted 3 million tonne per annum Laverton plant. The Laverton gold project is approximately 30 kilometers from the Laverton plant, with a mineral resource of 73 million tonnes (mt) at 1.7g/t, totaling 3.9 million ounces (moz). The assets of the Laverton gold project, including on-site infrastructure such as workshops and haul roads, and approximately 3.6 million ounces of historical production, will now be owned by Genesis.
Genesis Managing Director Raleigh Finlayson said: "This is a perfectly complementary acquisition. It provides us with a substantial resource of 4 million ounces at our Laverton operation, with significant exploration upside. It provides supplementary open-pit and underground ore for our Laverton operation, and also allows us the flexibility to achieve the most efficient orebody and processing infrastructure combination between Laverton and Leonora." With the increased ore supply from Laverton, our flagship Tower Hill deposit has the potential to be processed at Leonora, significantly reducing operating costs. Both Laverton and Leonora mills currently utilize a "long ore" process, and studies into staged mill expansions are progressing rapidly. These advantages make this transaction perfectly aligned with our "ASPIRE 400" accelerated growth strategy.
Brightstar Resources commenced gold processing at the Laverton Mill in March, using ore from Brightstar's Second Fortune mine and Lord Byron stockpiles.
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