Executive chair Raleigh Finlayson said at a Wednesday press conference that Genesis is in a strategic review with “a whole bunch of options,” including selling mines or splitting them off into a new company sitting outside the nation’s top 100, where he said there are “an unhealthy number of gold companies.” The Genesis-Vault combination, announced in July, is set to complete late next month.
The two companies carry a combined market capitalization of about A$14.5 billion ($10.1 billion) with a footprint across Western Australia’s Goldfields including five major mines and shared infrastructure. Once completed, the merged group would be one of Australia’s largest gold miners at about 700,000 ounces of yearly production.
Which mines go is the open question. Adjoining operations around the Goldfields corridors offer the obvious pruning candidates once ore can move freely between pits and mills, and Finlayson has said the sector is set for more consolidation-driven asset sales.