Deals this week: Northern Star Resources, Newcrest, Kalamazoo Resources

16 November 2018 (Last Updated November 16th, 2018 09:54)

Northern Star Resources has signed a binding agreement to purchase a 49% interest in the East Kundana Joint Venture (EKJV) from Tribune Resources, and Rand Mining and Rand Exploration for A$150m ($108.05m).

Northern Star Resources has signed a binding agreement to purchase a 49% interest in the East Kundana Joint Venture (EKJV) from Tribune Resources, and Rand Mining and Rand Exploration for A$150m ($108.05m).

Northern Star plans to purchase Tribune Resources’ 36.75% stake in the EKJV for A$112.5m ($81.04m), and Rand Mining and Rand Explorations’ 12.25% stake for A$37.5m ($27.01m).

Northern Star is engaged in the exploration, development and sale of gold deposits, while Rand Exploration is a subsidiary of mining and exploration company Rand Mining.

Mineral properties developer Tribune Resources is focused on the exploration of gold and silver deposits.

All the companies involved in the deal are based in Australia.

“Kalamazoo will hold a 2.5% net smelter royalty on all base metals mined and recovered from the project.”

Newcrest Mining has exited the joint venture (JV) formed with Alice Queen for the development of the Mendooran copper-gold project.

Newcrest has paid $1m to Alice Queen under the terms of an agreement signed in March 2017. The company planned to purchase an interest of up to 80% in the Mendooran project, which also included a $1m withdrawal option.

Newcrest is engaged in the exploration and development of gold deposits, while Alice Queen focuses on the development of a number of gold and copper exploration and mining projects.

Both entities are based in Australia.

Kalamazoo Resources has signed a term sheet with Adaman Resources to sell its Snake Well gold project for $7m.

The transaction includes an option to select Adaman Resources to provide up to $4m of drilling services at Kalamazoo’s Wattle Gully gold project.

Kalamazoo will hold a 2.5% net smelter royalty on all base metals mined and recovered from the project.

The proceeds will be used towards the development of the Wattle Gully gold project.

Kalamazoo is a gold and copper explorer and developer, while Adaman Resources is a resource investment company.

Both the companies involved in the transaction are based in Australia.