Antipa Minerals has announced the sale of its non-controlling interest in the Citadel Joint Venture Project to Rio Tinto, for a total of $17 million.
The receipt of the $17 million cash consideration from Rio Tinto increases Antipa’s cash reserves to in excess $23 million, providing a strong financial foundation to accelerate development of its 100-per-cent-owned Minyari Dome Gold-Copper Project.
The sale enhances Antipa’s ability to focus on the advancement of Minyari Dome, while continuing to benefit from its interests in two remaining complementary major growth projects, being the Paterson Farm-In Project with IGO and Wilki Farm-in Project with Newmont.
Antipa’s Managing Director, Roger Mason, said that the completion of this transaction is a significant milestone for Antipa and places it in an excellent financial position.
“Our recently updated Scoping Study for the Minyari Dome Project underscored the quality of our wholly owned asset and highlighted the positive economic leverage available with any further exploration success,” Mr Mason said.
“With a strengthened treasury position, we have an excellent financial foundation from which to advance exploration and development of our Minyari Dome Project, alongside other value accretive activities within Western Australia’s highly prospective Paterson Province.”