Lions Bay Resources Agrees to Be Acquired by Metals One to Form South Africa-Focused Gold and Power Business Led by Former CEO of the Nation's Largest Gold Producer
Lions Bay Resources entered a binding term sheet under which Metals One Plc (AIM: MET1) would acquire the interests it does not already own, making LBR a wholly owned subsidiary. The deal replaces a June 30, 2026 structure in which Lions Bay Capital was to acquire 100% of LBR. The transaction brings LBR's South African gold and power assets into Metals One, including the planned restart of the Barbrook Gold Mine with a historical resource of 2.1 million ounces and initial concentrate production targeted within six months. Graham Briggs, former CEO of Harmony Gold and the filer of record for this alert, is proposed to become Chair of Metals One on completion.
Key figures
- Deal Value Usd
- 0
- Restart timeline
- initial gold concentrate production within six months
- Cogeneration capacity mw
- 6
- Cogeneration replacement value usd
- 39600000
- Barbrook historical gold resource oz
- 2100000
AI analysis
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