- Published: Monday, 07 November 2016 14:40
- Written by E&MJ News
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Northern Star Resources has signed a conditional sale and purchase agreement to sell its Plutonic gold mine in Western Australia to Billabong Gold Pty Ltd. Billabong is an Australian company controlled by Toronto-based mining executive Chris Bradbrook. The buyer’s intention following completion of the transaction is to list Billabong’s parent company, 2525908 Ontario Inc., on the Toronto Stock Exchange or the TSX Venture Exchange. Under the terms of the sale, Northern Star will emerge as a significant shareholder in this publicly-listed company, giving it an ongoing exposure to the Plutonic mine’s future production and exploration success.
Glencore and Evolution Mining have struck a deal for all of the gold and some of the copper produced at the Ernest Henry mine in northwest Queensland, Australia. For $A880 million and monthly installments equal to 30% of the mine’s production costs, Evolution purchased a 30% stake in the mine, which would entitle it to 100% of Ernest Henry’s payable gold production and 30% of its copper and silver production, subject to an agreed life of mine and block model.