Gold producer Genesis Minerals Ltd. is looking to sell or spin off some Australian mines after it completes a takeover of Vault Minerals Ltd.
“We’re in a strategic review at the moment,” Genesis Executive Chair Raleigh Finlayson said at a press conference Wednesday. The company had a “whole bunch of options” including selling mines or splitting them off into a new company that would sit outside the nation’s top 100, where there are “an unhealthy number of gold companies,” he said.
Genesis and Vault are set to complete a combination announced in July by late next month. The two companies have a combined market capitalization of about A$14.5 billion ($10.1 billion), and a vast footprint across Western Australia’s Goldfields region that includes five major mines and shared infrastructure.
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Once completed, the combined company would be one of Australia’s largest gold miners with about 700,000 ounces of annual production.