Independence Gold(IGO) buying WMC mine?

Interesting article.......

Junior leads in race for WMC asset
By Michael Weir
May 17 2002





Perth junior Independence Gold has emerged as the frontrunner to buy WMC's second-last Kambalda nickel asset.

It is believed Independence, which floated earlier this year, is one of three companies lodging formal bids, after six were invited to have a look.

The tenders for the Long-Victor Complex, which is on care and maintenance, are due to close shortly.

The other bidders are believed to be Goldfields Mine Management, which bought one of the earlier Kambalda assets, and a company called Reliance Mining, headed by former Resolute chairman Bob Pett.

Independence, which is backed by several major institutions, has been one of the best-performing floats this year.


But this corporate deal will signal a radical change in direction for the gold-focused junior.

It is expected the new owner will be able to restart mining at Long-Victor almost immediately.

Advertisements seeking to recruit up to 70 staff to run the operation have already appeared in newspapers.

Independence secured the backing of Ranger Minerals, AMP, Rothschild, Macquarie and Scudder in its $3.5 million float earlier this year and the 20-cent shares closed yesterday at 28 cents.

WMC decided in April 2000 to sell its suite of Kambalda nickel mines, which it was forced to shut in late 1998 and early 1999 after world nickel prices plunged.