Acquisition of Atlantic Gold by
Australian Based St. Barbara.
“Time is money! We are not in it for salaries or overhead costs”. 35% of Atlantic Gold is held by board and management. Our long term strategy is to grow like our senior peers or be acquired at a premium with the highest return to our shareholders(minutes 8:25-8:42) The Cochrane Hill Gold Mine and easterly extension of the ore zone(minutes 6:02-6:47, 7:22-7:53) was promoted as if it were a done deal with respect to the mine going forward. This certainly demonstrates the significance of the “community” to Atlantic Gold.
Well the long term strategy became a very short term flip. St. Barbara ASX:SBM – announced this week their intentions to acquire Atlantic Gold, making international news.
St. Barbara facebook announcement, see May 14 and May 16 feed.
St Barbara agrees to acquire 100% of Atlantic Gold
• Acquisition aligned with St Barbara’s strategy
• Diversifies production base with a low-cost, long life mine in a favourable jurisdiction
• Growth potential through planned reserve and resource expansion
St. Barbara’s Areas of Conservation as noted on their website.
As part of St Barbara’s policy to continually improve upon the efficient use of resources in our mining operations, the Leonora Operations have endeavoured to reduce the reliance on potable water from the Leonora water reserve.
In acknowledgment of the Leonora Operations effort to efficiently use and minimise use of valuable water resources, the Water Corporation has recognised St Barbara during their 2013/14 Waterwise Business Awards. St Barbara was proud to accept two awards from the Water Corporation:
The Gold Award for improving water efficiency between 35% and 50%
The Champion Award for significant and consistent improvement in water efficiency through to 2013/14.
Other News Articles Covering the Acquisition:
Further information regarding St. Barbara may be found on the Australian Stock Exchange under the letters SBM. See link above to ASX documents.