General News
30 April, 2024
Gina sells stake in Catalyst, still partner in Four Eagles
TYCOON Gina Rinehart has sold her major stake in gold miner Catalyst Metals. Friday’s announcement came just a day after Catalyst said negotiations with the Victorian Government to build a $20 million exploration tunnel for the Four Eagles Project...
TYCOON Gina Rinehart has sold her major stake in gold miner Catalyst Metals.
Friday’s announcement came just a day after Catalyst said negotiations with the Victorian Government to build a $20 million exploration tunnel for the Four Eagles Project were about to enter into a third year.
Ms Rinehart’s “remaining substantial” Hancock Prospecting stake has been bought by Catalyst directors, senior management and institutional investors.
Catalyst’s community consultation committee, with members from Mitiamo, Pyramid Hill and other Loddon Shire districts, is expected to be briefed on progress at Four Eagles next month.
Hancock Prospecting remains a joint venture partner in Four Eagles.
Catalyst has continued some drilling near Mitiamo while it develops plans for the submission of an environmental impact statement for the proposed tunnel.
A spokesperson said: “The Victorian Government, and their department Earth Resources have been very supportive of Catalyst. Our task is to work with them to make sure we are doing what is required to deliver benefits to the state.
“The regulatory differences do mean a higher hurdle rate for projects in the state of Victoria, making some not worth the investment, but overall, we believe we have a valuable opportunity (Four Eagles) and a supportive government.”
The company’s recent focus has been on the gold-yielding Plutonic mine in Western Australia.