Coeur makes bid for Gasgoyne Gold

Coeur d’Alene Mines (NYSE) is proceeding with its takeover of Australian-listed Gasgoyne Gold Mines.

In December 1995, Coeur bought a 20% stake in the company, and is now offering seven common shares of its stock and US$60 for every 100 shares of Gasgoyne. The total value of the offer is US$110 million.

Gasgoyne operates the Yilgarn Star gold mine in Western Australia, where Coeur recently purchased an interest in Gasgoyne’s partner, Orion Resources. The deal included 5.5 million shares of Orion and another 5 million shares under option. As a result, Coeur’s interest in Orion increases to 20%.