https://www.miningweekly.com

Saracen buys more assets

20th August 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Junior gold miner St Barbara has divested of its King of the Hills mine and the Kailis resource, in Western Australia, to fellow-listed gold miner Saracen Mineral Holdings for A$3-million.

The King of the Hills project ceased mining in April and was subsequently placed on care and maintenance.

Saracen told shareholders on Thursday that both the King of the Hills gold project and the Kailis resource were within trucking distance of the company’s own Thunderbox plant.

The A$65-million Thunderbox operation would deliver 597 000 oz of gold, over an initial mine life of four-and-a-half years during Stage 1. Stages 2 and 3 of the project would have the potential to expand production to more than one-million ounces over an eight-year mine life, at a production rate of 126 000 oz/y.

Saracen noted that the acquisition of King of the Hill and Kailis would increase the mineral resource within trucking distance of the Thunderbox plant by some 20%, to 2.4-million ounces.

The first A$300 000 of the transaction fee would be payable on the completion of the transaction, with the balance due either at the start of commercial production at Kailis, or four years after the completion date.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 03 May 2024
Magazine round up | 03 May 2024
3rd May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.176 0.214s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: