• Amended Agreement: Kincora Copper and AngloGold Ashanti sign a major amendment to their Earn-in and Joint Venture Agreement for a second joint venture in the Northern Junee-Narromine Belt of the Macquarie Arc supporting total expenditures of up to $100 million
• Key Highlights:
o Multiple-phase, multiple-year agreement covering the Nyngan South, Nevertire South and Mulla projects
Stage 1: AngloGold Ashanti may earn a 70% interest by spending $25 million
Stage 2: Option to increase to 80% with additional funding and/or studies
o The Agreement for two separate joint ventures cover a continuous strike greater than a 100km’s and five projects
o Kincora remains the operator, receiving a 10% management fee
• Accelerated Drilling Plans: Expansion to ongoing drilling at the Nyngan project and a new drilling program to commence at the Nevertire and Nevertire South projects
• Strong Funding Model: Over $110 million of potential asset level funding has been secured; further large-scale partnerships are under active negotiation
o Kincora remains on track to achieve its ambition for third-party management fees to support a self funding financing model
To read the full announcement, please click here
About us:
About AngloGold
AngloGold Ashanti plc (NYSE: AU; market capitalization ~US$21.6 billion) is the world’s fourth largest gold miner by production with projects and exploration activities across nine countries on four continents.
AngloGold pursues value-creating opportunities, where it can leverage their existing assets, shareholdings, skills and experience.
AngloGold has a track record of successful exploration with its greenfields and brownfields exploration programmes seeking to support sustainability and growth of its business.
AngloGold’s greenfield exploration strategy aims to discover large, high-value Mineral Resources that will eventually lead to the development of new gold mines.
For more information please visit AngloGold’s website at www.anglogoldashanti.com
About Kincora
Kincora Copper is an active explorer and project generator focused on world-class copper-gold discoveries. Kincora’s portfolio includes district scale landholdings and scale-able drill ready targets in both Australia and Mongolia's leading porphyry belts, the Macquarie Arc and Southern Gobi, respectively, and the historical Condobolin mining field in the southern section of the Cobar
superbasin NSW.
For more information please visit Kincora’s website at www.kincoracopper.com
Contact details:
For further information please contact:
Sam Spring, President and Chief Executive Officer
[email protected] or +61431 329 345