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Havilah to sell Portia, North Portia projects for A$14.7M, 2% royalty

Havilah Resources Ltd. agreed to sell the Benagerie mining lease, which hosts the Portia gold and North Portia copper projects in South Australia.

The company said June 4 that it will sell its wholly owned subsidiary Benagerie Gold Pty. Ltd. to Consolidated Mining and Civil Pty. Ltd. for A$14.7 million and a 2% net smelter returns royalty.

Funds from the sale will be used to advance its Mutooroo and Kalkaroo copper-cobalt-gold projects in South Australia.

The royalty will increase to 3.25% on copper metal sales once more than 101,400 tonnes of copper metal has been produced and sold from the leases.

Havilah said it will continue to receive its current 15% gold revenue stream from the Portia gold mine until Nov. 30, when the oxidized ore in the Portia pit is expected to be mined out based on the current mine plan. The interest will then convert into a 2% royalty on any further gold sales.