Perth based Reed Resources (ASX: RDR) has sold its subsidiary company, Kalgoorlie Ore Treatment Company Pty Ltd (KOTC), to MacPhersons Reward Gold Limited (ASX: MRP) for $3 million cash, 5.36 million MRP Shares, and $0.3 million for the reimbursement of certain costs.
KOTC owns the Nimbus processing plant and associated assets near Kalgoorlie.
Reed Resources also retained a 1% net smelter royalty on zinc production from KOTC’s two mining leases. Reed Resources has also secured a toll treatment option at the Nimbus processing plant for ore from its Comet Vale gold project.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/19466/reed-resources-sells-nimbus-plant-and-assets-19466.html
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