West Australia’s Gold Road Resources says a scoping study on its flagship asset suggests there is more gold than first thought, a clear indication that a $3.3 billion takeover bid from its joint venture partner undervalues the company.
The Gruyere mine is located 1000 kilometres north-east of Perth and is jointly owned by ASX-listed Gold Road and Johannesburg-based Gold Fields, one of the world’s largest miners of the precious metal.
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Mark Wembridge covers resource companies for The Australian Financial Review, based in Perth. He formerly worked for the Financial Times in London and Hong Kong. Connect with Mark on Twitter. Email Mark at mark.wembridge@nine.com.au
