Northern Star makes $150m offer for East Kundana

Company News

by Anna Napoli

Northern Star Resources (ASX:NST) yesterday announced that its made a legally binding offer to acquire the 49 per cent stake in the East Kundana joint venture it does not already own from Tribune Resources (ASX:TBR), Rand Mining (ASX:RND) and Rand Exploration for $150 million in cash.

The offer comes after the takeovers panel ordered the two companies to unwind their cross ownership structure.

In a separate announcement Northern Star notified Westgold Resources(ASX: ) that it will be terminating the HBJ Minerals mining contract on a without cause basis effective 23 December 2018.

Westgold Resources wholly owned mining contractor, Australian Contract Mining has been providing mine and development productions services at the mine following the sale of South Kalgoorlie Operations by Westgold to Northern Star earlier this year.

Shares in Northern Star Resources (ASX:NST closed 2.44 per cent lower to $8.39

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.