Citigold finds buyer for Charters Towers gold
PERTH (miningweekly.com) – Junior Citigold Corporation has entered into an offtake contract for up to 100 000 oz of gold produced at its Charters Towers operation, in Queensland.
The company said the offtake agreement could generate as much as A$100-million in revenues, at the current gold price, with the gold to be delivered over the next five years.
Under the current mine plans for the Charters Towers operation, the 100 000 oz represented some 20% of the planned production over the first five years of operation, with operating revenue at the mine estimated to be one-third of the revenue, at current prices.
Citigold said on Monday that, under the offtake contract with Aaron Data Systems, there was no requirement for margin calls, early delivery or interest, should the price of gold vary over time.
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