More Paterson consolidation just days after Greatland announces Newmont buy
After a decade of working together on the Citadel joint venture in Western Australia's Paterson province, the partnership between Rio Tinto and Antipa Minerals will be dissolved after spending some $47 million.Having recently reported increased resources at the Citadel gold-copper-silver project's Calibre and Magnum deposits of 2.84 million ounces grading 0.71 grams per tonne gold, 2.1Moz silver at 2.1gpt, and 173,000t at 0.13% copper, Antipa has decided to sell out.
Completed with an assumption gold would sell for $2400/oz gold price, about half where it is now, the study estimated a $275 million development to deliver production of 170,000ozpa over five years from a standalone open pit and underground mine. Without Citadel, Antipa will still have 3900sq.
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