Another multi-million dollar payday for Mark Creasy with new Independence deal
Mining & Resources
Mining entrepreneur and BRW rich-lister Mark Creasy.
Well-known prospector Mark Creasy has negotiated another deal – this one worth $21 million – with major diversified miner Independence Group.
Independence (ASX:IGO) can earn an initial 70 per cent stake in 1100 sq km of ground surrounding its Nova-Bollinger nickel, copper and cobalt mine in West Australia’s Fraser Range region.
The landholding is owned by three of Mr Creasy’s companies.
The $21 million purchase price will give Mr Creasy $5.3 million in cash and about $15.7 million additional shares in Independence.
The Fraser Range region shot to fame back in 2012 when Sirius Resources made the Nova discovery that eventually sold to larger rival Independence for $1.8 billion.
British-born Mr Creasy was a joint venture partner in the Nova-Bollinger project and the deal earned the well-known prospector a $630 million pay cheque.
Through his various companies, Mr Creasy is one of the largest holders of exploration ground in Western Australia.
The 73-year-old ranked number 11 on The West Australian’s Rich List this year, advancing one spot since 2017 with a wealth of $826 million.
Mr Creasy has been credited with some of Western Australia’s biggest mineral discoveries, including the Nova nickel deposit and the Jundee and Bronzewing gold finds.
He also has stakes in Pilbara conglomerate gold plays Corizon Resources (ASX:CZR), Canada’s Novo Resources and De Grey Mining (ASX:DEG), and is a 31 per cent shareholder in newly floated cobalt, nickel and copper explorer Galileo Mining (ASX:GAL) .
Independence has done deals with several juniors in the Fraser Range. Most recently the company took a 4.9 per cent stake in Galileo Mining.
“The acquisition of the 70 per cent joint venture interest in the Southern Hills tenements further strengthens IGO’s position on the highly prospective Fraser Range.
“The Southern Hills tenements are a core package located proximal to the Nova operation within favourable stratigraphy and structural setting.
“IGO is committed to discovery and we remain confident that there are further discoveries to be made on the Fraser Range.”