PERTH (miningweekly.com) – Gold miner Silver Lake Resources has terminated the sales agreement for its Lakewood mill assets, in Western Australia, after the buyer proved unable to satisfy the finance condition.
In October this year, Silver Lake announced that it had reached a sales agreement worth A$5.5-million over the Lakewood mill assets, which included a processing facility capable of treating some 700 000 t/y of hard rock and 900 000 t/y of soft rock.
As part of the transaction, Silver Lake was also entitled to a 2% gross revenue royalty on all minerals mined or recovered from two mining leases attached to the mill.
Silver Lake said on Thursday that the company would now consider its options regarding the Lakewood assets, including re-engaging parties that had previously indicated interest in acquiring the assets.