Havilah rakes in cash from divestment

HAVILAH Resources has implemented the first transaction in its copper-cobalt strategy with the A$14.7 million sale of the Portia project.

Havilah rakes in cash from divestment Havilah rakes in cash from divestment Havilah rakes in cash from divestment Havilah rakes in cash from divestment Havilah rakes in cash from divestment

CMC MD Steve Radford (left) and Havilah CEO Water Richards shake on Portia deal

Consolidated Mining and Civil (CMC), which is already a profit sharing partner at the Portia gold mine, will pay $13.5 million in staged cash payments over 18 months and replace rehabilitation obligation funding of $1.2 million.

Havilah will receive a 2% net smelter return royalty over the proceeds of all metal and concentrate sales from the lease, and a 3.25% NSR royalty over all copper sales in excess of the current resource of 101,400 tonnes.

As well as a 15% gold stream from Portia that will remain until November 30 this year, Havilah will receive minimum guaranteed royalty payments of $300,000 per quarter from December 2020.

Havilah CEO Walter Richards said the deal was a significant first transaction in the execution of the company's ‘Copper Strate...