Red 5 to receive up to US$55M from Siana sale

WITH its focus now firmly on its Western Australian gold assets, Red 5 has signed a binding agreement to sell its mothballed Siana gold mine and nearby Mapawa project in the Philippines, after almost 20 years of often troubled ownership.

Red 5 to receive up to US$55M from Siana sale Red 5 to receive up to US$55M from Siana sale Red 5 to receive up to US$55M from Siana sale Red 5 to receive up to US$55M from Siana sale Red 5 to receive up to US$55M from Siana sale

Siana is set to resume operations in 2023 under TVI

The company will pocket US$19 million cash from the sale, plus the buyer TVI Pacific will pay out a 3.25% net smelter return royalty on production of up to 619,000 ounces.

topics

loader