BlackRock Group boosts interest in Gold Road to 11.1% - Proactive Investors Australia
Gold Road Resources Ltd (ASX:GOR) substantial shareholder BlackRock Group has lifted its interest in the gold miner to 11.10%.
A series of on-market transactions since May 29, 2019, have seen the American global investment management corporation boost its overall holding in the gold producer to more than 97.456 million shares.
The company's shares are up again this morning, to $1.19, a new record high.
On May 3 BlackRock increased its stake from 7.54% to 9.34% with the purchase of 16 million shares through on-market trades between March 28 and May 28, 2019, at prices between 89 cents and $1.10.
Gold Road is Australia’s latest fully funded gold producer through its Gruyere tier one gold operation within the Yamarna project in Western Australia.
The company reached another golden milestone last week becoming the Australian Securities Exchange’s newest $1 billion company.
Shares needed to reach $1.14 for Gold Road to reach a $1 billion market capitalisation and the shares have continued rising beyond that amount.
This came just days after Gold Road and joint venture partner Gold Fields Limited (NYSE:GFI) poured the first gold bars at the Gruyere Gold Project about 200 kilometres east of Laverton.
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