Kingwest paves way for production
PERTH (miningweekly.com) – Junior Kingwest Resources will form a mining and processing joint venture (JV) with FMR Investments to restart underground mining at the Yunndaga deposit, at its Menzies gold project, in Western Australia.
The JV would cover 180 000 oz of gold produced from the Yundaga deposit, or a five-year period from the start of mining.
FMR will cover all of the capital costs and will be responsible for all mining, haulage and processing through its Greenfields Mill in Coolgardie, in exchange for a 60% interest in the production.
FMR will also pay Kingwest a non-refundable A$500 000 payment within one month of inking the JV agreement, and a further A$500 000 which is due after the first cut in the decline is fired.
“We are pleased to complete a JV mining agreement with FMR. To recommence commercial mining at Menzies after more than 20 years since opencut mining finished and 85 years since it was last mined from underground at Yunndaga, is very significant,” said Kingwest CEO Ed Turner.
“This is expected to be the first of a number of mining operations at Menzies and to deliver attractive short- and medium-term cash flow into Kingwest. Kingwest will continue to focus on the very exciting potential we are seeing at Goongarrie as well as proving up new gold resources at Menzies over time. I am sure there remain many more ounces of gold to be discovered at both projects,” he said.
The agreement was subject to due diligence on both sides, and Kingwest and FMR entering into a binding JV agreement.
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