RNC pulls the trigger on Higginsville buy
PERTH (miningweekly.com) – TSX-listed RNC Minerals has exercised its option over the Higginsville gold operation, in Western Australia, in a A$50-million deal with ASX-listed Westgold Resources.
Under a March agreement, RNC would acquire the Higginsville operation in exchange for A$25-million in cash and A$25-million in shares.
Higginsville has a 1.3-million-tonne-a-year carbon-in-pulp gold processing plant, a 300-person village, and includes the Trident underground mine. Mining at Higgensville is currently focused on the Mt Henry operation, which is replacing the Trident underground mine.
The Higgensville operation produced 8 299 oz of gold during the three months to December, selling 8 619 oz.
RNC is planning to combine the Higginsville operation with its own Beta Hunt project, which is estimated to host some 2.3-million tonnes of indicated and more than 2-million tonnes of inferred resources, for some 239 000 oz of indicated and 208 000 oz of inferred resource.
Westgold said on Monday that following the transaction, the company would become a significant investor in RNC, with Westgold looking forward to the integration of the two operations, which is expected to provide a catalyst for the future growth of Higginsville.
The sale of the Higginsville operation is expected to be completed by June 10.
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