Westgold completes Higginsville sale to RNC

12th June 2019 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed Westgold Resources has completed the sale of its Higginsville gold operation, in Western Australia, to TSX-listed RNC Minerals.

Westgold sold the Higgensville operation for some A$50-million, with the company receiving 50% of the consideration in cash and the remainder in RNC shares.

With Westgold now holding more than 56.9-million shares in RNC, the company was the largest shareholder in the Canadian miner, holding a 10.3% interest.

“The sale and consolidation of RNC and Westgold’s assets in the region provides a brighter future for the operations, underwritten by the exciting Beta Hunt mine and the Higginsville processing plant,” said Westgold MD Peter Cook.

“This is a good outcome for both parties and for all the employees who have transferred to RNC under the transaction. It allows Westgold to focus on its main game in the Murchison region of Western Australia, where after three years of heavy investment, our expenditure is beginning to reduce and output continues to rise.”