Some of Australia's most historic goldfields could be set to change hands again, with Singaporean interests mounting a take-over bid for ASX-listed Castlemaine Goldfields.
Liongold corporation has offered two of it's own shares for every nine Castlemaine shares, in a deal that would see the Singaporean company take ownership of the Victorian goldfields around Ballarat that were central to the goldrushes of the 1860's.
The approach sent Castlemaine's shares soaring in morning trade. They were recently up 2.5 cents, or 21.7 per cent, to 14 cents.
The takeover offer will complement a share placement to Liongold, which will see it issued almost 13% of Castlemaine for just under $4 million.
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The offer values Castlemaine at just over $55 million.
Castlemaine bought the famous goldfields in 2010 from it's previous owner Lihir Gold, but saw its share price plummet in November when poor yields forced the company to wind-back its mining operations.
Castlemaine directors have recommended shareholders accept the deal, and shareholders will be sent more details in May.
The Victorian goldrushes were responsible for generating huge amounts of wealth for Melbourne, and eventually sparked one of Australia's most important historical events; the Eureka stockade.
pker@theage.com.au