Poseidon Nickel signs deal to process gold ores

Photo by Poseidon Nickel

Published by: Jaroslaw Adamowski 

New gold joint venture Australias Poseidon Nickel has signed a memorandum of understanding (MoU) with Aphrodite Gold to process gold ores at Black Swan.

 

"Poseidon plans to use existing plant and infrastructure at Black Swan to facilitate a transition to becoming a major gold producer in the highly prospective Goldfields region," said Chris Indermaur, Poseidons chairman. "Black Swan offers a low capital cost entry into the gold market and could exploit the concentrators unique ability to process both oxide and refractory gold ores. Furthermore, at 2Mtpa rates and 3 g/t the [project] can produce over 150,000 oz per year in gold concentrate an outstanding outcome for both parties."

 

Under the deal, Poseidon Nickel will farm in the Black Swan operations and Aphrodite will farm in their gold tenements to a special purpose vehicle in a 50:50 joint ownership structure, the statement said.