Great Panther completes acquisition of Brazilian miner
It was a busy week for Canada's Great Panther (TSX: GPR). The Vancouver-based miner not only completed the buyout of Beadell Resources but it also changed its name to Great Panther Mining Limited.
To be able to go ahead with these transactions, Great Panther acquired 100% of the issued and outstanding shares of Beadell through the issuance of 103,593,043 Great Panther shares to Beadell shareholders, which represents approximately 38% of the post-acquisition issued and outstanding Great Panther shares. The company also appointed Nicole Adshead-Bell, former CEO & managing director of Beadell, to its board of directors.
"Her extensive knowledge of precious metal exploration and mining, plus many years of buy-side, capital markets and corporate experience, will help Great Panther in realizing the significant upside potential of Tucano," Great Panther's Chair, R.W. Garnett, said in a media statement.
Great Panther acquired 100% of the issued and outstanding shares of Beadell Resources.
Tucano is a gold mine located in the Amapá state in northern Brazil and formerly owned by Beadell. It has mineral resources of approximately 3.2 million ounces and reserves of approximately 1.3 million ounces, with over 2,500 square kilometres of prospective contiguous gold exploration tenements.
Corporate information states that Tucano is currently the second largest gold producer in the South American country, with an output of around 145,000 ounces per year.
"Combining Great Panther and Beadell's respective guidance adds to approximately 200,000 of gold equivalent ounces for 2019 and positions the company in the ranks of intermediate producers," James Bannantine, president and CEO of Great Panther, said in the press brief. "Our focus in the near-term will be on the integration of the Brazilian operations, the continued optimization of the Tucano gold mine, and advancing an exploration program to unlock the significant potential of Tucano."
Besides this new addition, Great Panther's portfolio includes the Guanajuato Mine Complex in central Mexico, which produces silver and gold concentrate, and the Topia Mine, located in the Sierra Madre Mountains in the state of Durango in northwestern Mexico, and which produces concentrates containing silver, gold, lead and zinc.
The firm also owns the Coricancha gold-silver-copper-lead-zinc mine located in the central Andes of Peru, but the asset has been on care and maintenance since August 2013.