Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – Kingston Resources announced today that it has moved to 100% ownership of the 3.6Moz Misima gold project, PNG, after completing all terms with its former joint venture partner, Pan Pacific Copper, to acquire PPC’s 19% interest in the large-scale development project.
According to the company’s statement, following the receipt of all PNG regulatory approvals, Kingston has paid the $1.65 million final tranche of the total consideration of $2 million. This now formalises Kingston’s 100% ownership of the project.
Managing Director Andrew Corbett said, “This is an outstanding outcome for shareholders and a strategically important milestone for the company in our pathway to become a substantial new gold producer in the Asia-Pacific region. The completion of this transaction provides Kingston with 100% ownership of our flagship asset, which is rapidly progressing towards development.”
“Since we first acquired an initial 49% interest in the Misima Gold Project back in late 2017, we have delivered a number of key project milestones that culminated in the delivery of a highly positive Pre-Feasibility Study for Misima in late 2020. This PFS clearly demonstrated that Misima is a large-scale, long-life, low-cost gold project that is set to deliver significant value and opportunities for all stakeholders.”
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
