GEAR shells out A$68m for 10% in Aussie gold miner

Singapore

GOLDEN Energy and Resources (GEAR) is plonking some A$67.86 million (S$69.29 million) for a 10 per cent stake in an Australian gold miner in order to diversify its product portfolio.

The Indonesian coal miner said on Thursday that it has agreed to subscribe for 36 million shares in Australia-listed Westgold Resources Limited at A$1.885 per share. This represents a premium of 3.3 per cent to the volume-weighted average price of A$1.8248 for Westgold shares on Nov 29.