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Metals exploration giant acquires NSW gold mine
Kingston Resources has acquired another gold mine for up to $22.7 million in cash – and was advised on all aspects of the deal by international law firm Ashurst.
Lauren Croft
Firm: Ashurst (Kingston Resources Limited).
Value: $22.7 million.
Area: M&A.
Key players: The Ashurst team was led by partner Murray Wheater and included partners Sanjay Wavde, Tony Hill, Lorenzo Pacitti, Clare Lawrence, Vicki Aron, Rehana Box and Trent Sebbens, counsel Paul Glover, senior associates Rebecca Hughes, Christopher Barry, Libby McKillop, Tracy Carr and Alexandra Nash, associates Jack Jones, Roxane Read and Caitlin Sandy and graduates Jeffrey Zhao, Joanna Ma, Alexandra Goodman and Harrison Xu.
Deal significance: Mineral Hill Gold Mine has extensive gold and copper resources, a long production history and recently upgraded infrastructure. It recently resumed production and poured first gold in September 2021. The project also comes with a highly prospective regional tenement package.
Kingston announced the transaction to the ASX on 18 November 2021, which is to be funded through an institutional placement raising $14 million and a $4 million Share Purchase Plan. Successful completion of the placement, which will also be put to a shareholder vote at the annual general meeting of Kingston, is a condition to completion under the transaction.
Mr Wheater commented: “We are delighted to have advised Kingston Resources Limited on the acquisition of the operating Mineral Hill Gold Mine.
“The acquisition is a significant step towards Kingston achieving its vision to create an ASX-listed mid-tier gold producer in the Asia-Pacific. We look forward to seeing the continued growth of Kingston Resources.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
