Major’s Lake Carey buy could be worth nearly triple Matsa’s market cap
Budding gold miner Matsa Resources has locked the big sale of its Lake Carey gold project in Western Australia to major gold miner AngloGold Ashanti, with the plus-A$100 million option now unconditional. AngloGold will now pay Matsa $4.5 million as an option fee payment, with another $3 million to come over the next 12 months of the 18-month option period. If AngloGold exercises its option, it will need to pay another $105.
Matsa started development at the Devon open pit earlier this month, with its first package of 50,000 tonnes of ore slated to be processed at FMR's Greenfields mill in September and a second processing campaign scheduled for December. Feasibility work in February outlined an 18-month mining program at Devon that would be expected to generate almost $60 million in free cash for Matsa and its mining partner, BCM - assuming a gold price of A$4250/oz. Devon has 46,000oz in reserves.
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