Focus Minerals Limited (ASX:FML) has announced that it has secured more than a 50 per cent stake in Crescent Gold Limited (ASX:CRE).
As of August 2 Focus had a 51.3 per cent relevant interest in Crescent, with shareholders continuing to accept the $68 million friendly takeover bid.
The takeover offer has been extended until August 15 after which Focus believes it will be among Australia’s top five gold producers.
The company has a production target of 230,000 ounces in 2012.
In the six months to 31 December 2010, Focus Minerals boosted its net profit by 28 per cent to $6.2 million.
