Apollo Consolidated (ASX: AOP)
Delisted from the ASX on the 16th December 2021.
This was following the successful buyout of Apollo by Ramelius Resources (ASX: RMS).
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Apollo Consolidated delisted after completion of Ramelius Resources buyout.
Apollo Consolidated (ASX: AOP) was delisted from the ASX on the 16th December 2021.
This was following the successful buyout of Apollo by ASX listed gold production company Ramelius Resources (ASX: RMS).
Having achieved > 90% ownership of shares in Apollo, Ramelius moved to compulsory purchase the outstanding shares.
Comment
So the Apollo Consolidated name disappears from the register, and perhaps being owned by a producing miner with multiple mines in the vicinity may be a positive move in the longer term?
I’m going to take a close look at Ramelius, as they have several small producing mines and are looking to make further acquisitions, with Apollo looking an appropriate fit given its proximity to the other Ramelius operations in Western Australia.
I like this sort of growth model, Fiore Gold being bought out by Calibre Mining is another example of smaller companies growing whilst being in profitable production.
Ramelius Resources company highlights
Ramelius Resources Limited (ASX: RMS) is a Western Australian gold production and development company that has been listed on the ASX since 2003, and in production since 2006.
The company-making mine, Wattle Dam, was located approximately 70km south of Kalgoorlie and was at one stage the highest grade gold mine in Australia. It was operated successfully from 2006 to 2013.
Ramelius owns and operates the Mt Magnet, Edna May, Vivien, Marda, Tampia and Penny gold mines, all of which are located in Western Australia.
Ore from the high-grade Vivien underground mine, located near Leinster, is hauled to the Mt Magnet processing plant where it is blended with ore from both underground and open pit sources at Mt Magnet.
The Penny project is currently under development with first ore in late FY22.
The Edna May operation is currently processing high grade underground ore, low grade stockpiles, as well as ore from the adjacent Greenfinch open pit and the satellite Marda open pit mines.
Ore feed from the Tampia open pit mine commenced in early FY22.
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