Gold Road Resources has officially announced the “end of the road” following its acquisition by Gold Fields.
The deal – costing around $3.7 billion – took effect in September with the scheme approved by the Western Australia Supreme Court and court orders lodged with the Australian Securities and Investments Commission (ASIC).
Taking to social media earlier this week, Gold Road chief executive officer Duncan Gibbs noted the sense of pride he and his colleagues felt for the organisation they created – noting strong themes of culture, teamwork, sense of pride, compassion and innovation.
“While the role of leaders is to create culture, the purpose of any business is to create value. Gold Road evolved from a two cent per share company prior to the Gruyere discovery to the final takeover price $3.52,” Gibbs said.
The Gruyere gold mine was discovered in 2013, has a current mine life of more than 10 years, and saw record production in 2023 of 321,984 ounces.
“Gold Road is in rarified air with very few companies in any sector generating consistent superior returns over a 10–15-year time horizon. While we are enjoying the tailwinds of the gold price, the key drivers of value creation were initiated by the Gruyere discovery, the funding, development and startup of Gruyere without dilutive equity raises,” Gibbs said.
In an announcement, Gold Road said the scheme of arrangement has now been implemented – meaning Gruyere Holdings, an entity owned by Gold Fields, now own 100 per cent of shares.
Exploration was also noted by Gibbs on social media, with the expansion of the Gruyere open pit ore reserve by more than one million ounces, the definition of the 300,000-ounce Golden Highway ore reserve and the discovery of the 500,000-ounce Yamarna resource outlined as key successes for the company.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
