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Private Equity Hollister Gold-Waterton

Published on April 30th, 2013 | by Ted Liu


Waterton to acquire Great Basin Gold’s Hollister gold mine and Esmeralda Mill assets

Great Basin Gold Limited has tentatively sold its Hollister gold mine trial mining assets, mineral claims and the Esmeralda Mill ore processing operations in Nevada in an auction conducted pursuant to US Chapter 11 proceedings.

Toronto based Waterton Global Resource Management has confirmed to be the successful bidder for the Hollister gold mine and Esmeralda Mill.

The tentative terms of sale of Hollister and Esmeralda Mill remain subject to negotiation of definitive closing documentation and the approval of the US Bankruptcy Court which will hear the matter May 2, 2013.

On February 25, 2013, Rodeo Creek Gold Inc., a subsidiary of Great Basin Gold Limited, along with certain of its affiliates, US Bankruptcy Code Chapter 11 restructuring proceedings in Nevada.

Through Chapter 11 restructuring proceedings, Rodeo Creek and its affiliates have sought to auction the assets and operations including the Hollister mine and the Esmeralda mill as a going concern.

Great Basin Gold is itself in creditor protection proceedings in Canada. It owns 100% of Rodeo Creek and the other subsidiaries involved in the Chapter 11 filings, and also owns certain as well as South African subsidiaries which have sought creditor protection in South Africa in respect of Burnstone mine operations.

Waterton Global Resource Management is private equity firm investing in producing and late-stage development assets in politically stable geographies, through joint ventures, partnerships and acquisitions.

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About the Author

Ted is an editor of CVCA News and Research Director for CVCA - Canadian Venture Capital & Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.

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