Join our daily newsletter At The Bell to receive exclusive market insights
Perseus Mining (ASX:PRU) and Predictive Discovery (ASX:PDI) have grown closer on Friday with the former boosting its stake in PDI to just short of 20%.
“As part of funding the acquisition of this increased stake in Predictive, Perseus has applied the proceeds raised from the unwinding of its previously announced cash settled equity swap position in Predictive,” Perseus wrote on Friday.
Notably, Perseus also added it does not intend to acquire control or lob a takeover offer at Predictive.
It was only in mid-August, however, Perseus first snatched up 13.8% of PDI. At the time it called the move a “strategic equity investment.” Predictive, Perseus wrote, has the Bankan Gold Project as its flagship asset – located in Guinea, West Africa.
At the time, Perseus wrote it was “not currently in discussions with Predictive.”
In late August, PDI noted that the government in Guinea had stopped processing all mining titles via the digital system it implemented back in 2017. No further update has been given.
That could be why PDI shares jumped 6% on Friday morning.
