PERTH (miningweekly.com) – ASX-listed gold miner St Barbara has completed the sale of its King of the Hills project and its Kailis resource, in Western Australia, to fellow-listed Saracen Mineral Holdings.
The King of the Hills project, which was within trucking distance of Saracen’s Thunderbox asset, ceased mining in April and was placed on care and maintenance.
In exchange for the assets, St Barbara would receive A$3-million in cash, with the first payment of A$300 000 paid on the completion of the transaction, and the balance due either at the start of commercial production at Kailis, or within four years of completion of the transaction.