Milking a major

EXPLORER Coppermoly has struck a binding agreement to pay $A5 million to buy back the 72% stakes in the Simuku, Nakru and Talelumas projects in Papua New Guinea that Barrick Gold earned through spending $20 million.

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Barrick earned its major stakes in the three West New Britain projects off Coppermoly in January 2012 and started a sales process to divest the assets six months later.

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