Miner buys more stock but has ‘no current intention’ to make full bid
Perseus Mining stuck to the corporate script in saying it had "no current intention" to make a takeover offer for Predictive Discovery as it today reported it had bought another circa 6% of the successful gold explorer to take its stake to 19.9%.Perseus spent about A$30 million buying the latest swag of Predictive shares from sellers concerned about last week's news that Guinean authorities were "temporarily" suspending the processing of permit applications and renewals.
The Jeff Quartermaine-Perseus has had a bit of recent experience with unexpected events in M&A situations.In May 2022, it acquired Canada-listed Orca Gold, the owner of a big, advanced pre-development gold asset in Sudan — subsequently named Meyas Sand.However, in April 2023, a civil war broke out in Sudan that is still raging 18 months later.While Perseus has continued making optimistic noises about Meyas Sand, development of that asset currently looks a long way off.
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