Allens has advised Minerals 260 on its proposed acquisition of the Bullabulling Gold Project and surrounding exploration ground from Norton Gold Fields, a subsidiary of Zijin Mining Group, China's largest gold and copper miner.
The transaction, valued at $156.5 million in cash and $10 million in Minerals 260 shares, marks a pivotal milestone for Minerals 260, giving the miner access to a previously operational gold project with near-term production potential and putting the company on the path to becoming a leading mid-tier mining company.
'It's a pleasure to start 2025 having advised on the first major gold deal of the year, and one that has the potential to be transformational for Minerals 260. Congratulations to all involved in this significant acquisition,' said partner Bryn Hardcastle.
'We expect more of this activity as the year progresses, with interest in M&A for West Australian gold assets supported by record gold prices and favourable US exchange rates.'
Allens is also advising Minerals 260 on an equity raise to fund the acquisition and ensuring compliance with ASX Listing Rules for re-admission to the exchange, both of which are necessary to complete the transaction.
