Kingston Resources has completed the acquisition of Mineral Hill Mine from Quintana for A$14 million.
The gold and copper mine is located in the Cobar Basin, ~60km from Condobolin in New South Wales.
The latest acquisition enables the company to enter the ranks of Australian gold producers and marks a significant achievement for Kingston Resources, according to Kingston Resources Managing Director, Andrew Corbett.
“The focus of activities post-completion includes the ramp-up of the tailings reprocessing project in parallel with the restart of exploration and resource drilling. Exploration at Mineral Hill is one of the key pillars underpinning our aspiration to become a leading diversified mid-tier gold and base metal producer in the Asia-Pacific region,” said Mr Corbett.
“Strategically, the processing plant is ideally located within the Cobar Basin to take advantage of both internal and external near-mine opportunities. Plus, the near-term cash-flow and significant gold and copper exposure make for a fantastic strategic fit with our cornerstone development asset, the 3.8Moz Misima Gold Project in PNG.”
