Great Panther acquires Brazil gold miner for $105 million

Great Panther acquires Brazil gold miner for $105 million

Great Panther Silver (NYSE: GPL) acquired Brazilian gold miner Beadell Resource in an all-share deal for $105 million.

The combined entity will have three producing mines in three mining jurisdictions, and an advanced stage project.

Great Panther, which expects to produce 4 million silver-equivalent ounces of production in 2018, will add 130,000 gold ounces of production expected from Beadell in 2018.

The acquisition wasn’t warmly received. Great Panther stock price declined 5% to $1.16 a share.

The CEO of the combined entities lauded the deal.

“This is a transformational transaction for the shareholders of Great Panther and Beadell,” James Bannantine, president and CEO of Great Panther, said in a release.

“Great Panther has grown and optimized its operations in Mexico, acquired and advanced its Coricancha project in Peru, and is now positioned to add a sizeable producing mine in Brazil with exceptional exploration potential.”

Dr. Nicole Adshead-Bell, CEO and managing director of Beadell, will join the Board of Directors of Great Panther on completion of the transaction.

Beadell operates the 100% owned Tucano Gold Mine in Amapá State, northern Brazil. The Tucano is part of an approximate 2,500 square kilometre land package located in the under-explored ‘Birimian age’ greenstone terrane. Beadell remains on track for completion of a Tucano plant upgrade by early November 2018.

News Source:

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.


Please enter your comment!
Please enter your name here