El Salvador president proposes bill to overturn metals mining ban
In 2017, El Salvador became the first country in the world to ban forms of metals mining.
Australian gold producer Perseus Mining Ltd. continued its acquisition push by becoming the largest shareholder in a BlackRock Inc.-backed firm that’s developing a project in Guinea.
Perseus has acquired a stake of almost 14% in Predictive Discovery Ltd. in several transactions since April that total about A$68 million ($45 million), the Perth-based company said Wednesday. It said it has no current intention to gain control or make a takeover offer for Predictive.
The latest transaction comes just a few months after Africa-focused Perseus completed the takeover of a gold asset in Tanzania through its acquisition of OreCorp Ltd., with a focus on bringing the Nyanzaga project into production by early 2027. Gold’s recent rally to a record high is also spurring producers to add more assets to their portfolios.
Predictive is securing government permits for its Bankan asset in Guinea and plans to start producing gold in the country in 2028. The project has a mineral resource of 5.4 million ounces, according to Predictive, which describes the gold discovery as the largest in the region in a decade.
Before Perseus acquired an interest, asset managers BlackRock Inc. and T. Rowe Price Group Inc. were Predictive’s biggest and third-biggest shareholders, respectively, according to data compiled by Bloomberg. Perseus said it also has an economic interest in another 3.5% of Predictive’s shares via cash-settled equity swaps.
Mining services firm Capital Ltd. – formerly Predictive’s second-biggest shareholder – has sold its entire stake to Perseus, according to a separate statement.
Perseus already produces gold from three mines in Ghana and Ivory Coast. Both Perseus and Predictive are listed in Australia.
(By William Clowes)
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