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(Kitco News) – Northern Star Resources (ASX:NST), a major global gold producer, said today it has reached binding agreements to sell its Paulsens gold operation and Western Tanami gold project to Black Cat Syndicate for a total consideration of $44.5. million.
The sale of Paulsens and Western Tanami is expected to close in June 2022, subject to the satisfaction of conditions, including Black Cat raising at least $25 million via share issue by June 15, 2022 and receiving approval of its shareholders for the Black Cat issue. shares to Northern Star in connection with the transaction.
According to a press release, Paulsens and Western Tanami are currently in care and maintenance.
Northern Star added that it retains its 50% interest in the Central Tanami joint venture and its 100% interest in a portfolio of regional Tanami tenures, where exploration investment continues.
Managing Director Stuart Tonkin said: “The sale of Paulsens, our core asset, and the Western Tanami gold project aligns with Northern Star’s five-year strategic plan to generate superior returns for shareholders through active and disciplined portfolio.
“We are delighted that Black Cat, which has a proven track record as a responsible operator and successful explorer, intends to undertake in-depth exploration with each operation to provide a potential future avenue of redevelopment for the benefit of all. stakeholders.”
Northern Star is a world-class Australian gold producer that owns and operates three world-class gold production centers (Kalgoorlie, Yandal and Pogo), located in potential geological environments in the sovereign low risk jurisdictions of Australia and North America.
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