Australian miner AuStar Gold has confirmed its intention to acquire under-administration Centennial Mining, despite withdrawing a $A2.4M cash plus 25M shares offer for the owner of the A1 gold mine in Victoria.
AuStar says it’s reached agreement now to acquire all the debt owed by Centennial and subsidiary Maldon Resources, which fell into administration in March 2019 after failing in their attempts to improve the mine’s performance.
The company’s aim continues to control a portfolio of high-grade mining and processing assets in the historic Woods Point-Walhalla Goldfield.