Westgold confirms potential Lakewood mill sale
Dual-listed gold miner Westgold Resources said on Wednesday that the review of its expanded portfolio remained ongoing and confirmed that it could include the potential sale of the one-million-tonne-a-year Lakewood processing facility, near Kalgoorlie.
Westgold, which last year bought Toronto-listed Karora Resources, was responding to a media article in The Australian Financial Review stating that sale of the gold processing facility was in advanced stages and that a new owner would be announced next month.
Westgold stated that the review remained ongoing and that it would advise the market if, or when, definitive or legally binding agreements were entered into for any divestment.
“Westgold's strategy remains to focus on expanding its larger, lower cost processing plants and mines to reduce operating cost and maximise cash flow,” said the gold miner.
Karora bought the Lakewood mill for A$80-million in 2022 as a way of derisking its Beta Hunt asset.
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