Australian mining company Walkabout Resources has acquired 100% of Lonmin’s Northern Ireland exploration portfolio and assets in an attempt to diversify into the UK.

Completed in two tranches for an aggregate amount of $100,000, the acquisition provides access to a ‘ready-to-go’ exploration portfolio with upside potential in minerals such as gold, lithium, and base metals.

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Additionally, the transaction includes a 50% interest in a joint venture (JV) with Koza (UK) in the Dalradian Gold Belt, with up to 8.05g/t Au reported in shallow drilling.

The exploration portfolio comprises mineral licences, applications, datasets, exploration equipment, vehicles and suitable leased premises.

“This acquisition further provides a platform for growth and diversification both geographically and in terms of commodities.”

Walkabout Resources executive chairman Trevor Benson said: “The opportunity to acquire such an extensive high-quality exploration portfolio from a major such as Lonmin is indicative of our team’s significant international expertise to assess the geological potential and move quickly to capitalise on these rare opportunities.

“This acquisition further provides a platform for growth and diversification both geographically and in terms of commodities.”

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Also included in the transaction is a 2% net smelter return, which Walkabout needs to pay Lonmin once commercial production begins in the former Lonmin Northern Ireland licences.

Lonmin divested its Northern Ireland portfolio as a result of an internal restructuring of its exploration assets.

Koza holds 50% of the gold rights under the Dalradian JV, with an option to increase the stake to 75% by completing a fully funded pre-feasibility study.