(Kitco News) – Kingston Resources announced today that it has moved to 100% ownership of the 3.6Moz Misima gold project, PNG, after completing all terms with its former joint venture partner, Pan Pacific Copper, to acquire PPC’s 19% interest in the large-scale development project.
According to the company’s statement, following the receipt of all PNG regulatory approvals, Kingston has paid the $1.65 million final tranche of the total consideration of $2 million. This now formalises Kingston’s 100% ownership of the project.
Managing Director Andrew Corbett said, “This is an outstanding outcome for shareholders and a strategically important milestone for the company in our pathway to become a substantial new gold producer in the Asia-Pacific region. The completion of this transaction provides Kingston with 100% ownership of our flagship asset, which is rapidly progressing towards development.”
“Since we first acquired an initial 49% interest in the Misima Gold Project back in late 2017, we have delivered a number of key project milestones that culminated in the delivery of a highly positive Pre-Feasibility Study for Misima in late 2020. This PFS clearly demonstrated that Misima is a large-scale, long-life, low-cost gold project that is set to deliver significant value and opportunities for all stakeholders.”
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