Kingston receives first A$50m from Misima gold undertaking divestment
Kingston Assets has confirmed the receipt of an preliminary A$50m ($32.85m) money cost from Okay Tedi Mining, marking the completion of the primary part of the Misima gold undertaking divestment in Papua New Guinea.
The transaction is a part of a broader A$95m deal beneath which Kingston Assets entered a binding definitive settlement with Okay Tedi Mining for the divestment of its Misima gold undertaking in Could 2025.
The preliminary A$50m money injection can be adopted by a subsequent A$10m money cost due one yr post-completion and an additional A$10m contingent on a optimistic remaining funding resolution (FID) for Misima.
Kingston Assets managing director Andrew Corbett acknowledged: “We’re happy to have obtained the primary $50 million in money from the Misima transaction, which positions Kingston as a debt-free and well-funded Australian copper and gold producer. The completion of this sale has unlocked substantial worth for our shareholders and allows us to focus squarely on rising Mineral Hill and increasing our working footprint.”
“Our partnership with Okay Tedi ensures that Misima is in succesful palms, with the potential for a near-term growth resolution in a beneficial gold worth setting. Kingston retains ongoing publicity to the upside at Misima by the deferred cost and royalty construction.”
“We are actually absolutely targeted on advancing our core tasks at Mineral Hill and evaluating new progress initiatives that align with our technique of being a multi-asset producer delivering long-term shareholder returns.”
The corporate now plans to completely repay its A$15m debt facility, ramp up funding in worth creation at Mineral Hill and begin growth research for copper manufacturing deliberate for 2026.
The deal additionally supplies a strong platform for Kingston to discover further copper and gold alternatives inside Australia.
The settlement additionally stipulates a 0.5% uncapped gross income royalty on gold and copper manufacturing from Misima, which can begin after the manufacturing of the primary 500,000 ounces of gold.
Okay Tedi retains a buyback proper for the royalty at $25m.
“Kingston receives first A$50m from Misima gold undertaking divestment” was initially created and printed by Mining Know-how, a GlobalData owned model.
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