> The key piece of missing information for shareholders ... is how much 'closure and
> rehabilitation costs' KCN are saving by flicking the asset to a third party
Under the option granted to WPG, Kingsgate are paying ALL the costs of putting the mine on care and maintenance. That would be in the millions ... so this deal is actually costing Kingsgate millions. There are no rehab costs, if mining is continued ... which is obviously the intention of all bidders.
Kingsgate are currently producing 20,000 ounces per quarter from Challenger, at a clean profit of around $300 to $350 per ounce. So, they are making $6m per quarter ... and selling it to the lowest bidder for $1m (paid in quarterly instalments).
Ann: WPG's Option to acquire the Challenger gold project, page-21
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Mkt cap ! $412.4M | |||
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