Pantoro has agreed to sell its Halls Creek gold mine in Western Australia to Kimberley Minerals for $8 million, allowing the company to focus on expanding its Norseman gold mine operations.
Under the terms of the binding agreement, the sale payment will be made in tranches over two years. Pantoro will receive $3 million upon finalization, followed by $2 million one year later and another $2 million two years after completion. The company will also retain a one percent royalty capped at $1 million, starting 24 months after the sale is finalized.
Additionally, Pantoro will maintain a 15 percent free carried interest in the nickel and platinum group element tenements at Halls Creek, which will remain in place until the start of production.
