Kingston sells PNG project for $95m
ASX-listed Kingston Resources has struck a binding agreement to divest its Misima gold project, in Papua New Guinea, to Ok Tedi Mining for $95-million.
The transaction includes $50-million payable on completion, $10-million 12 months post-completion, a further $10-million upon a final investment decision to develop Misima, and a 0.5% gross revenue royalty on gold production exceeding 500 000 oz, with a $25-million royalty buyback option for Ok Tedi.
Kingston will use the proceeds to repay its A$15-million debt facility in full, realise cost savings, and intensify its focus on exploration and expansion studies at Mineral Hill copper/gold project, in New South Wales.
“This deal will deliver Kingston up to $70-million in cash, plus future royalties, unlocking significant value for our shareholders,” said MD Andrew Corbett. “We retain 100% ownership of Mineral Hill and are excited to target copper production in 2026.”
Kingston plans to ramp up drilling across brownfield targets such as Parker’s Hill, Jack’s Hut, and EOZ, while also advancing regional targets along the highly prospective Mineral Hill Trend. The company expects the strengthened balance sheet will also allow it to pursue further Australian copper and gold growth initiatives.
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