Northern Star Resources Ltd has completed the sale of two wholly owned assets located in Western Australia, the Paulsens Gold Operation and Western Tanami Gold Project, to Black Cat Syndicate Limited for a total cash, scrip, and contingent cash payment consideration of $44.5 million.
Northern Star announced the intention to sell Paulsens and Western Tanami to Black Cat to the ASX on 13 April 2022.
Paulsens and Western Tanami are non-core to Northern Star’s five-year strategic plan and currently on care and maintenance.
Northern Star managing director Stuart Tonkin said Paulsens was Northern Star’s foundation asset and contributed immensely to its successful growth into a global gold producer.
Tonkin said: “The dedication of our workforce to establish significant cashflow generation based on Paulsens enabled the future growth of Northern Star to what it is today.
“Combined with the sale of Western Tanami, this is a good outcome for all and highlights our commitment to active portfolio management and driving shareholder value.”
In the Northern Territory, Northern Star retains its 50 per cent interest in the Central Tanami joint venture and 100 per cent interest in a portfolio of regional Tanami tenue, where exploration investment continues.