Kirk­land di­vests Stawell gold project

The Australian Mining Review - - NEWS - VIC

KIRK­LAND Lake Gold has sold its shut­tered Stawell gold min­ing op­er­a­tion in re­gional Vic­to­ria to Mel­bourne-based eq­uity fund Arete Cap­i­tal Part­ners for $US6.25 mil­lion.

Kirk­land sus­pended Stawell’s op­er­a­tions af­ter it bought out New­mar­ket Gold in 2016, leav­ing about 150 work­ers with­out jobs at the time.

Kirk­land chief ex­ec­u­tive Tony Makuch said the trans­ac­tion was con­sis­tent with the com­pany’s long-term strat­egy to fo­cus on our low-cost, high-grade core as­sets.

“We be­lieve the man­age­ment team at Arete is well po­si­tioned to op­ti­mise the op­er­a­tional po­ten­tial of Stawell in a sus­tain­able man­ner to cre­ate value,” Mr Makuch said.

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