Ramelius lifts ‘strategic’ stake in rival Spartan
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The news: Gold miner Ramelius Resources has significantly lifted its holdings in smaller Western Australian rival Spartan Resources.
The numbers: Ramelius has doubled its stake in Spartan to 17.94%, after declaring an initial 8.9% holding late last month, according to its latest filing to the ASX on Tuesday.
The latest buy was made at 92 cents each on 1 July. Ramelius shares closed at $1.88 on Monday, while Spartan shares last traded at 94 cents each.
The context: Ramelius last month termed its stake buy in Spartan as “strategic” and said it had no current intention to take over Spartan Resources. The company told the ASX at the time it continually evaluates gold assets in WA and will make investments in the sector where it believes there is strategic rationale.
Spartan's Dalgaranga gold project is located 65km north-west of Ramelius’ own Mount Magnet operations in the state.
The source: ASX announcement
