trending Market Intelligence /marketintelligence/en/news-insights/trending/7bohkn0_8kafau0rn_hc3q2 content esgSubNav
In This List

Doray Minerals to divest Andy Well gold project for A$10M, sign Gnaweeda JV deal

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Video

Path to Net-Zero: How are mining companies tracking?

Blog

The Big Picture for 2023: Will Economies See Relief from Knock-on Effects of Russia-Ukraine Conflict?

Case Study

Quantifying the Mining Sector's Equipment & Service needs for Business Development & Resource Allocation Strategy


Doray Minerals to divest Andy Well gold project for A$10M, sign Gnaweeda JV deal

Doray Minerals Ltd. has signed a binding agreement to divest its Andy Well gold project in Western Australia to Galane Gold Ltd. unit Galane Australia Pty. Ltd.

Galane will pay a total of A$10 million in cash and shares by Sept. 29, 2020, for the acquisition.

Meanwhile, Galane also secured the right to earn into the nearby Gnaweeda gold project through staged expenditure commitments.

The companies are negotiating a binding farm-in and joint venture deal, according to the Oct. 5 release.

The Andy Well deal is conditional on execution of a joint venture agreement for Gnaweeda and updating the mine closure plan for the Andy Well project.

In July 2017, studies on the potential of combining the Andy Well mine and the Gnaweeda project in a single operation revealed shortcomings with the move. As a result, Doray decided to shorten Andy Well's mine plan and place the operation on care and maintenance at the start of November 2017.