Northern Star Resources (ASX:NST) is set to sell its Paulsens gold operation and Western Tanami gold project to Black Cat Syndicate for $44.5 million.
The sale of Paulsens and Western Tanami is expected to complete in June this year, subject to the satisfaction of conditions including Black Cat raising at least $25 million through the issue of shares by June 15 and receiving its shareholders’ approval.
Northern Star said it will retain its 50 per cent interest in the Central Tanami joint venture and 100 per cent interest in a portfolio of regional Tanami tenure, where exploration investment continues.
“The sale of Paulsens, our foundation asset, and the Western Tanami Gold Project align with Northern Star’s five year strategic plan to generate superior shareholder returns through active and disciplined portfolio management,” said managing director Stuart Tonkin.
Shares in Northern Star Resources (ASX:NST) are trading 1.6 per cent higher at $10.99.