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.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
BOVA cemented their reputation in Africa by delivering high quality engineering through their range of safety footwear. 21 years after producing...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
