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Another suitor emerges for Focus Minerals' Coolgardie gold project

China Hanking Holdings Ltd. unit Hanking Australia Investment Pty. Ltd. made a nonbinding indicative cash offer of between A$56 million and A$65 million to acquire a 100% interest in the Coolgardie gold project in Western Australia from Focus Minerals Ltd.

The deal is subject to due diligence, further talks and a definitive agreement between the parties. Horizon Minerals Ltd. recently increased its proposed consideration to purchase Coolgardie to A$55 million from A$40 million.

Coolgardie includes about 235 square kilometers of mining and exploration tenements and a gold processing plant with an annual processing capacity of 1.2 million tonnes of ore.

The company said Sept. 23 that the processing plant will provide the required ore processing capacity for this project as well as Hanking's adjacent McPherson's gold project after some refurbishment.

The acquisition is expected to benefit the company by realizing synergies between the two adjacent projects as well as economies of scale and an extended mine life.

Hanking will make an upfront payment of A$12 million and pay the rest in tranches over 3.5 years from completing the acquisition.