Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Australian St Barbara Limited (“St Barbara”) announced it became the sole shareholder of Allied Gold Mining Plc (“Allied Gold”) on 7 September 2012 (UK time), and Allied Gold was delisted from the London and Toronto stock exchanges.
All of the Allied Gold directors have resigned and a board nominated by St Barbara has been appointed comprising Tim Lehany, Garth Campbell-Cowan and Ross Kennedy. The Company Secretary of Allied Gold has also resigned and Ross Kennedy has been appointed.
The final stages of the merger of St Barbara and Allied Gold comprise the issue of St Barbara shares to Allied Gold shareholders (expected to occur after the close of trade on ASX on 12 September 2012) and the payment of cash to Allied Gold shareholders pursuant to the Scheme Document (expected to occur on 13 September 2012).
St Barbara is looking forward to working with Allied Gold management and staff to promptly and efficiently integrate the two businesses. Integration teams in each discipline of the business are already mobilised. As indicated in the Allied Gold Scheme Document, a strategic review of Allied Gold’s operations is planned in conjunction with Allied Gold management. This will take approximately three months following completion of the Scheme, after which the Company will update guidance for operations in PNG and the Solomon Islands.
