ASX-listed Pantoro has announced a binding agreement to sell the Halls Creek project, in Western Australia, to Kimberley Minerals for A$8-million.
Kimberley is a member of privately held, Perth-based explorer KMG Group.
The Halls Creek project was placed on care and maintenance in June, having operated successfully since 2015.
The sale will free up Pantoro to focus on unlocking the potential of its Norseman gold project.
“The Halls Creek project was the first full mine developed by Pantoro in 2015 and was a critical element in the evolution of the company. We firmly believe that now is the right time to focus our effort and resources on growth at Norseman, which provides the best upside potential for our investors,” said MD Paul Cmrlec.
The total A$8-million consideration for the Halls Creek project will be paid in tranches over the next 24 months. Pantoro will hold a 15% free carried interest in nickel and platinum group elements located on the project tenure which are held via a mineral rights agreement, providing further potential upside for the company. The free carry will extend to first production. 