- Karora Resources (KRR) has acquired the 1.0 Mtpa Lakewood Mill gold processing facility located near Kalgoorlie, Western Australia
- The facility was acquired for A$80 million. The acquisition cost is made up of $70 million in cash and $10 million in Karora shares
- The $10 million share portion of the payment was met by issuing 2.1 million shares of Karora
- Karora Resources Inc. is a multi-asset mineral resource company engaged in the production and exploration and evaluation activities in Australia
- Karora Resources Inc. opened the day’s trading at C$2.82 per share
Karora Resources (KRR) has acquired the operating, fully permitted 1.0 Mtpa Lakewood Mill gold processing facility.
The facility is located near Kalgoorlie, Western Australia, approximately 60 kilometres from the Beta Hunt Mine.
The facility was acquired for A$80 million, made up of $70 million in cash and $10 million in Karora shares.
Karora has successfully tolled Beta Hunt material through the Lakewood mill, achieving 94 per cent gold recovery.
The $10 million share portion of the payment was met by issuing 2.1 million shares of Karora.
“Closing the acquisition of the Lakewood Mill is an important transformational step forward for Karora and provides several immediate strategic and operating benefits to Karora,” said Paul Andre Huet, Chairman & CEO.
“In the near term, the additional processing capacity provides the opportunity for toll milling arrangements at one or both of the Higginsville Mill and Lakewood Mill, until the Beta Hunt Mine capacity expansion to 2 Mtpa is completed,” he added.
Karora Resources Inc. is a multi-asset mineral resource company engaged in the production and exploration and evaluation activities in Australia.
The Higginsville treatment facility is a low-cost 1.6 Mtpa processing plant, which is fed at capacity from Karora’s underground Beta Hunt mine and Higginsville mines.
Karora Resources Inc. opened the day’s trading at C$2.82 per share.