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%.
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