Antipa sells Citadel JV stake to Rio Tinto
ASX-listed Antipa Minerals has announced the sale of its 32% interest in the Citadel joint venture (JV) project to partner Rio Tinto Exploration for A$17-million.
Proceeds from the transaction will bolster Antipa’s cash reserves to about A$23-million.
“The sale of our minority, non-controlling interest in the Citadel project, which was a noncore asset for Antipa, liberates cash, providing an extremely solid financial foundation from which to accelerate the development of our flagship, wholly owned Minyari Dome Project,” said Antipa MD Roger Mason.
He added that Rio Tinto was the natural buyer for Citadel.
The Citadel JV was established in 2015 between Rio Tinto Exploration Pty Ltd (RTX), a wholly owned subsidiary of Rio Tinto, and Antipa, and encompasses 1 200 km2 of tenure in the Paterson province of Western Australia. Citadel hosts a mineral resource estimate across its Calibre and Magnum deposits which collectively totals 127-million tonnes containing 2.84-million ounce of gold at 0.71 g/t, 173 000 t copper at 0.13% and 2.1-million ounces of silver at 2.1 g/t.
Since the Citadel project’s inception, Rio Tinto has spent more than A$47-million on exploration to earn its current 68% interest. In the last two years, Antipa elected to use the dilute-down provisions in the Citadel JV agreement to fund its share of exploration, resulting in its JV interest being reduced from 35% to 32%.
Comments
Research Reports
Projects
Latest News
Showroom
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
