LionGold inks deal with gold exploration firm
Move set to double its ore throughput at Ballarat plant
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Move set to double its ore throughput at Ballarat plant
Carine Lee
24 September 2013
LionGold Corp Ltd is set to double its current throughput of ore at the Ballarat gold plant, owned by its subsidiary, Castlemaine Goldfields.
The company yesterday inked an ore processing agreement with Australian-listed A1 Consolidated Gold Ltd to process up to 450,000 tonnes of ore over three years (up to 150,000 tonnes per year) from the A1 Gold Mine at Ballarat, which processes between 150,000 and 200,000 tonnes of ore annually.
LionGold CEO Nicholas Ng said: "The agreement with A1 Consolidated enables LionGold to 'bolt-on' additional production ounces and enhance capacity utilisation at the 600,000 tonne per annum Ballarat processing plant, thereby lowering overall unit production costs."
The arrangement with the gold exploration firm may be extended upon agreement for a further three years until December 2019.
In conjunction with the processing agreement, LionGold will subscribe to 34.5 million new A1 shares at A$0.116 per share in two tranches, which together represent about 19.9 per cent of A1's enlarged share capital valued at S$4.7 million.
The first tranche of 24.1 million new shares will give the group about 14.9 per cent of the enlarged share capital and the right to appoint one director to the A1 board. The second tranche of 10.3 million shares is subject to approval by A1's shareholders and regulatory agencies.
The total transaction will be funded with cash from group deposits.
A1 will use proceeds from the shares placement to advance the development of its A1 Gold Mine, which is expected to begin trial processing at Ballarat within six months.
LionGold finished trading up 7.5 cents at $1.57 yesterday.