Golden Energy and Resources acquiring 10% stake in Aussie gold miner for $69 mil

SINGAPORE (Nov 30): Golden Energy and Resources (GEAR) is making a foray into Australia’s gold mining sector.

The coal mining and trading company has entered into a subscription agreement with Westgold Resources to subscribe for up to 36 million new shares in Westgold at A$1.885 each for a total of A$67.86 million ($69.3 million).

Westgold is an Australian-incorporated gold miner that is listed on the Australian Stock Exchange (ASX). Westgold is principally engaged in gold mining in Australia and holds mining tenure positions and numerous gold production assets in two provinces in Western Australia, namely the Eastern Goldfields (Kalgoorlie region) and the Murchison Goldfields (Cue-Meekatharra regions).

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