Gold Road shares climb after ending Greenstone talks
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More news: Gold Road shares rose on the ASX after the gold miner confirmed it had ended discussions over a potential transaction for an interest in Canada's Greenstone Gold Mines.
Shares were up 1.4% to $1.63 at 2:00pm AEST.
Gold Road's rise contrasted with the decline of other major gold stocks on the ASX, with Emerald Resources (-8.8%), Genesis Minerals (-5.2%), Silver Lake Resources (-4.9%), Regis Resources (-4.8%), Ramelius Resources (-4.6%), Newmont (-4.6%), Bellevue Gold (-4.3%), and Northern Star (-4.2%) making up eight of the 10 biggest falls of the ASX 200.
It follows similar declines by gold stocks on Monday, as global gold prices lowered after easing tensions in the Middle East saw investors scale back safe-haven bets.
Gold Road ends talks over deal with Canada's Greenstone
The news: Gold Road Resources has ended discussions with Orion Resource Partners over a potential transaction for an interest in Canada's Greenstone Gold Mines.
The context: In an announcement to the ASX Gold Road said that it "continues to evaluate strategic opportunities as part of a considered and diligent growth strategy".
It said the company "will only pursue these opportunities on terms and at values which it believes are in the best interests of its shareholders".
A report in The Australian on 14 April speculated that Orion, which was conducting the sales process, was seeking a $1 billion-plus valuation for Greenstone and would need to raise capital to fund the deal.
Last week, ASX-listed Gold Road confirmed its interest in acquiring Greenstone, but said no deal had been finalised.
The source: ASX announcement
