The Australia-based gold producer said that the possible sale is one of the options it has for the gold project
The Misima gold project is located in Papua New Guinea. (Credit: swm/Freeimages)
Kingston Resources has confirmed a media report that the company could potentially sell its 100% owned Misima gold project located in Papua New Guinea (PNG).
The Australia-based gold producer said that the potential sale is one of the options it has for the gold project.
Last month, Kingston Resources began a strategic review of the Misima gold project with the intention of evaluating a range of possible financing and ownership options.
The aim of the review is to maximise shareholder value of the company’s ownership in the PNG asset. Kingston Resources appointed ICA Partners, a specialist mining advisor, to support its strategic review process.
The company stated: “There are a range of potential outcomes from this process, one of which could be a potential sale as noted in the media report. At this stage, Kingston has no further comments to make in relation to the status of the strategic review.”
Apart from the review, the Australian gold ore mining company has been parallelly carrying out mining license and environmental and social impact assessment work programmes. These are anticipated to be wrapped up in the September quarter.
In 2020, the Australian firm signed a deal to take full ownership of the Misima gold project by acquiring the remaining 19% stake from Pan Pacific Copper.
As per the findings of a pre-feasibility study (PFS) released by Kingston Resources in late 2020, the asset can be potentially developed into a large-scale, long-life, low-cost operation with gold production of 130,000oz per annum.
The PFS was based on redeveloping the brownfields site of the previously producing Misima open pit gold mine.