Canada’s Kerr Mines Inc. and Star Royalties Ltd. have jointly announced the closing of the first installment of their previously announced US$18 million gold purchase and sale agreement which is to be used to finance the restart of underground operations and gold production at the Copperstone gold mine in the U.S. state of Arizona.
“We are excited to enter this new chapter for Kerr Mines with the closing of this first installment of the Copperstone stream financing,”
said Giulio T. Bonifacio, the CEO of Kerr, as quoted in a statement.
“We look forward to working with Star Royalties to expeditiously restart operations at our flagship asset. Our focus now shifts to securing long term lead items, finalizing the process facilities to accommodate our whole ore leach approach, and sourcing underground contractors and equipment,” according to Bonifacio.
Kerr Mines says the firm’s current focus is on maximising Copperstone’s potential for the re-launch of production in 2021.