https://www.miningweekly.com

Anova completes Second Fortune sale

30th September 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Junior Anova Metals has completed the A$9-million divestment of its Second Fortune gold mine, and the greater Linden gold project, to the Linden Gold Alliance.

Anova on Wednesday confirmed that it had received the remaining A$4.5-million of the A$5-million upfront cash consideration.

Two further installments of A$2-million each in deferred cash consideration will become payable at the 18-month and 24-month marks. Anova will also receive a net smelter royalty of 1.5% on each ounce of gold produced from the Linden project, after a total of 75 000 cumulative ounces of gold has been produced, and capped at a total royalty payable of A$1-million.

“The sale of Second Fortune is another key milestone in Anova’s strategy to focus on, and rapidly add value, to the Big Springs gold project,” said Anova MD Joe Wang.

“The sale of Second Fortune simplifies Anova’s corporate structure to align with its skill set and strategy to rapidly grow the Big Springs resource base and provides significant funding for future exploration programmes at Big Springs.”

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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