Greenstone invests $21m in Australian miner

According to a statement, Greenstone has acquired almost 400 million shares in the Toronto and Sydney-listed company at C$0.07 apiece. The stock has traded in the range of C$0.07-$0.09 for the past three months and closed on September 12 at C$0.07.

The transaction increases Greenstone’s stake in the company from 11.7% to 18.7%. The GP invested A$20 million ($16 million) in 2015 to support feasibility study work at the company’s flagship project known as Woodlawn.

Woodlawn operated in the state of New South Wales from 1978 to 1998 and processed 13.8 million metric tons of zinc-copper ore from open pit, underground and satellite deposits. The mine was closed in 1998 due to prevailing low metal prices and external corporate issues, but recently received government approval for renewed production until the end of 2034.

Founded in 2013 and headquartered in the UK, Greenstone typically makes investments of $3-35 million in post-exploration mineral development projects with an aim to support efforts to bring these assets into production. Recent activity in Asia Pacific includes an A$8.9 million commitment to Australian coal and bauxite company Metro Mining.

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• Australasia
• Industrials
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• Australia
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