Gold miner St Barbara said it will not engage further with Silver Lake Resources regarding a A$707 million bid for its Leonora assets in Western Australia citing a lack of synergies and cash offering. Instead, it will continue to back a A$600 million proposal for the same assets from Genesis Minerals.

In April, St Barbara had agreed to sell the Leonora assets to Genesis after scrapping a proposed takeover of the smaller peer due to a rise in funding requirements. 

Silver Lake’s revised bid included $326 million cash and 327.1 million shares valued at A$3811 million. Meanwhile, Genesis will pay St Barbara $370 million in cash and 205 million shares valued at $261 million under a revised transaction agreement. 

St Barbara’s Leonora operations consist of the Gwalia underground mine and 1.4-Mtpa processing plant, as well as nearby development opportunities. 

Sources: Reuters and St Barbara