Wednesday, 6th February 2008 (2283 views)

Canadian gold and copper mining corporation Northgate Minerals has received the green light for its acquisition of a firm with two gold mines in Australia, according to reports.

Northern News reports that the approval from the supreme court of Victoria clears the way for Northgate to complete the purchase of Perseverance, which operates the Fosterville and Stawell mines in south-west Australia.

The deal is expected to formally go through on February 18th, it says.

Northgate currently operates three mines in Canada - the Kemess North and Kemess South mines in British Columbia, as well as the Young-Davidson mine in Ontario, which has 2.1 million ounces of gold in reserve.

The company invested C$27 million (£13.7 million) in surface sampling and underground development at Young-Davidson in 2007. It is currently working on de-watering shafts at the mine and excavating a 3,000-metre ramp.

Production is expected to start in 2010, with an annual target of 150,000 to 200,000 ounces of gold a year.

 

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