Karora Resources acquires Lakewood gold mill near Kalgoorlie for $56m

Karora Resources has closed the previously announced AUD 80 million ($55.91 million) acquisition of the Lakewood gold mill near Kalgoorlie, Western Australia from an undisclosed seller.

The operating, fully permitted Lakewood gold processing plant has a capacity of 1Mtpa and is located nearly 60km from Karora Resources‘ Beta Hunt mine.

Paul Andre Huet — Karora Resources Chairman and CEO said: “Closing the acquisition of the Lakewood Mill is an important transformational step forward for Karora and provides several immediate strategic and operating benefits to Karora.

“The addition of the Lakewood mill increases our current nominal processing capacity to approximately 2.6 Mtpa (1.6 Mtpa at Higginsville and 1.0 Mtpa at Lakewood) and significantly de-risks our growth plan to increase gold production to between 185,000 and 205,000 ounces by 2024, by eliminating the procurement, schedule and construction risks associated with a major expansion of Karora’s Higginsville Mill.”