Australia’s Northern Star Resources says it has agreed to buy the South Kalgoorlie gold mine from Westgold Re-sources for A$80 million ($62 million).
"The acquisition comprises the project’s operating processing facility, which has an annual throughput capacity of 1.2 million tonnes, a JORC Resource of 4 million oz, including 250,000 oz in Reserves, and 800 sq km of prospective gold tenure," Northern Star said in a statement.
Bill Beament, the Executive Chairman of Northern Star, said that the acquisition will allow the company to meet its 300,000 oz per year production target from organic sources at Kalgoorlie.
The settlement of the latest transaction is due for completion on 1 April 2018, according to the statement.
Northern Star says it is listed on the Australian Securities Exchange (ASX), and operates projects located in the country’s regions of West-ern Australia and the Northern Territory.