Avoca Resources Limited
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| Public, ASX: AVO | |
| Industry | Resources |
| Fate | Merged with Anatolia Minerals Development Limited to form Alacer Gold Corp. |
| Defunct | February 2011 |
| Headquarters | Perth, Australia |
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Key people
|
Robert Reynolds - Chairman Rohan Williams - CEO |
| Products | Gold |
| Website | http://www.avocaresources.com.au/ |
Avoca Resources Limited (AVO) was an Australian gold mining company, based in Perth, Western Australia. It merged in with Anatolia Minerals Development Limited in 2011 to form Alacer Gold.
The company currently operates two gold mines, both in Western Australia, the Higginsville and the South Kalgoorlie Gold Mine. It is also part-owner of a third operation, the Frog's Leg Gold Mine, which it owns 49% of.
The latter two mines were acquired through the takeover of Dioro Exploration NL, which raised the company's annual production forecast to 270,000 ounces of gold. The takeover of Dioro was subject to a takeover war between Avoca and rival Ramelius Resources which lasted for almost one year. Avoca's successful bid made the company the largest gold tenement holder in the area spanning from Kalgoorlie to Kambalda.
Avoca was listed on the Australian Securities Exchange, the ASX, in April 2002.
Avoca paid A$6.25 million to Gold Fields for its Higginsville exploration project in June 2004. After discovering the Trident deposit in late 2004, Avoca raised $125 million in April 2007 to build a new mine at Higginsville. Also in 2007, Avoca purchased the neighbouring Chalice deposit from Chalice Gold Mines Limited. Gold production at the mine begun in 2008 from underground operations, with a first gold pour on 1 July 2008.
In its first year of production, the financial year 2008-09, Avoca produced 131,227 ounces of gold from its Higginsville operation.
On 14 April 2009, Avoca announced a takeover offer for Dioro Exploration NL, worth A$49 million. From mid-2009 onwards, Dioro became the subject of a takeover war between Avoca and Ramelius, with the later also making a bit for Dioro. Ramelius, owner of the Wattle Dam Gold Mine, was, like Avoca, interested in expanding its operations and targeted Dioro for its two operating gold mines, South Kal and Frog's Leg.
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