APAC-focused gold operator Kainantu Resources confirmed 15 June it had acquired the May River project in the Frieda River copper-gold region of Papua New Guinea (PNG).
Financial details were not released.
The collective prospects in the proposal include Skiraisa, Foya, Eserebe, Mountain Gate and Iku Hill. The company said current owners Niuminco Group and Hardrock Limited will remain in collaboration with it and will have an equity interest in the company.
From here, Kainantu said it will be working with Niuminco and Hardrock, along with other key stakeholders in PNG to obtain the needed regulatory approvals to complete and consolidate the project
CEO Matthew Salthouse called the acquisition of May River exciting, particularly given its location in a strong copper-gold region.
“May River will give KRL access to a number of highly prospective copper-gold prospects in close proximity to the world-renowned Frieda River copper-gold project. KRL looks forward to continuing to work with the key stakeholders of Niuminco and Hardrock in developing both the May River Project and KRL as an emerging mining company.”
The companies have already agreed to a closing date for the transaction of 31 August.