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Golden Saint in Talks With Partners for Wave-Energy Projects

Dec. 6 (Bloomberg) -- Golden Saint Australia, a gold exploration company, said it is in talks with a European company to develop wave-energy projects off western Africa.

The discussions, at an initial stage, could result in a deal early next year, Chairman Cyril D’Silva said in an interview. He declined to name the company it is having discussions with, citing confidentiality agreements.

Golden Saint plans to use part of the proceeds from a planned A$30 million ($29.6 million) initial public offering in March to help fund the projects. The shares would trade on the Australian Stock Exchange.

“Our studies show that there is strong potential for wave-energy projects in west Africa,” D’Silva said. “It can provide a cost-effective source of energy.”

Golden Saint’s main business is mining for gold and diamonds in Liberia and Sierra Leone. The company is close to a deal to acquire a jewelry company with funds from the share offering. The 25-year-old firm, which has a manufacturing and diamond polishing business, also wholesales and retails.

The acquisition will help Golden Saint generate revenue immediately, D’Silva said. He declined to name the company. The firm is in the process of acquiring four exploration concessions for gold and diamond in Sierra Leone and currently holds prospecting licenses in Liberia, D’Silva said.

To contact the reporter on this story: Baldave Singh in Singapore at bsingh35@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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