Empire Resources has signed a mining contract and made payment arrangements with NRW Civil and Mining.
Under this deal, NRW will perform open-pit mining operations at the Penny’s Find gold mine.
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This mine is located 50km from Kalgoorlie in Western Australia.
Empire Resources managing director David Sargeant was quoted by Proactiveinvestors.com.au as saying: "The agreement with NRW Holdings now ensures the Penny’s Find gold project has adequate working capital for initial mining of the open-pit.
"With site works already underway and mining commencing next month, gold ore treatment through the contracted third party processor, Lakewood Mill at Kalgoorlie, is anticipated to start in early 2017."
Empire has 60% stake in the Penny’s Find gold project, while 40% is owned by Brimstone Resources Ltd.
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By GlobalDataIn case of delayed payments, NRW will be able to earn a royalty of 9.5% for the life of the open-pit project.
Under the agreement, NRW will defer costs to Empire from the initial starting of the Penny’s Find gold mine to a maximum period of four months.
NRW will begin mining once the Kurnalpi-Pinjin road diversion is completed and the mine infrastructure is set-up.
