This is what I was alluding to on Friday mitch
Independence Group was one of the bidders for Barrick’s Cowal mine in NSW and Street Talk understands the Perth-based gold, nickel, zinc and copper producer is also looking at an ASX-listed company.
It’s believed the target is based in WA and any deal would involve a significant scrip component.
Sources said Independence was working with UBS on both potential transactions.
Companies that may be of interest to Independence could include Mark Creasy’s Sirius Resources, Sandfire, Teranga Gold and Evolution.
Sirius’ main focus is its 100 per cent-owned Nova nickel project east of Horseman in the Goldfields-Esperance region of WA where Independence’s wholly-owned Long nickel mine is situated.
Independence is in good shape to go down the acquisition trail, with cash and bullion of $109.8 million, and debt of just $1.1 million.