Regis Resources wants to purchase a 30 per cent stake in the Tropicana gold mine in Western Australia.

Gold-miner IGO says the $903 million deal with Regis will allow IGO to continue focussing on battery minerals for clean technology.

The company picked up a 49 per cent stake in Tianqi Australia for $1.9 billion last December, saying the deal with the lithium company will help solidify its  “position of becoming a globally relevant pure-play battery minerals producer and developer, uniquely exposed to Tier 1 nickel, copper, cobalt and lithium”. 

Bank of America had a $650 million equity raising to help fund Regis’ $903 million acquisition of Tropicana. 

Tropicana’s operator and majority shareholder, AngloGold Ashanti, has a right of last refusal. This means it can acquire the Tropicana stake at the same price Regis has offered. Regis’ deal is subject to AngloGold Ashanti waving that right.