off-the-wire

St Barbara backs Genesis offer despite Silver Lake's higher $490 mln Leonara bid

Kitco Media
By Reuters
Published:
Updated:
Reuters
May 4 (Reuters) - Australian gold miner St Barbara Ltd , in a statement released on Thursday, said it had received a higher bid for its Western Australian Leonara assets from Silver Lake Resources .


However, it maintained that it would continue to back a proposal from Genesis Minerals .


On April 28, St Barbara received an unsolicited proposal from Silver Lake for the sale of Leonora for A$732 million ($489.78 million), it said. Genesis had bid A$600 million.


($1 = 1.4945 Australian dollars) (Reporting by Rishav Chatterjee in Bengaluru; Editing by Janane Venkatraman)

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