Westgold concludes non-core divestments with Chalice sale
ASX- and TSX-listed Westgold has completed its noncore asset sale process under its portfolio optimisation strategy with the sale of its Chalice gold project to ASX-listed Corazon Mining for a consideration of $25.7-million.
The consideration will comprise $8-million in cash, $11-million in deferred cash payments over certain periods and $6.7-million worth of Corazon’s shares.
Westgold will emerge as a 19.9% shareholder in Corazon with the right to appoint a nominee to the board.
Westgold says the completion of the divestment phase of its portfolio optimisation strategy has brought forward $215-million with future value upside potential.
Under Corazon’s leadership the Chalice project can become a core asset with a dedicated management team focused on accelerating exploration and development. Importantly, Westgold retains future upside exposure at Chalice through its strategic shareholding in Corazon.
Westgold continues to operate four mining hubs with a combined processing capacity of six-million tonnes a year across the Murchison and Southern Goldfields – two of Western Australia’s most prolific gold-producing regions.
