Territory Resources has purchased the Edna Beryl Mining Company (EBMC) in the Northern Territory as part of its strategic alliance with Emmerson Resources.
Edna Beryl became the Northern Territory’s first new gold mine in more than a decade when production was launched in mid-2017.
The immediate plans at Edna Beryl following the acquisition include to develop and re-commence mining of the high grade gold ore from its Tribute Area.
Territory and Emmerson have executed a revised Tribute agreement under the same terms as the previous arrangement, which sees Emmerson receive 12 per cent of the produced gold.
Emmerson will retain 100 per cent ownership of the underlying mining tenement, with Territory to become the registered operator of the mining lease.
The Northern Territory Government has also provided approval to Emmerson for additional dewatering capacity, allowing extension and additional development of the Edna Beryl mine.
Emmerson managing director Rob Bills said Territory’s purchase of the EBMC would provide a quick route to the mining of high-grade gold.
“Establishing for the first time, commercial production from the Edna Beryl mine via the refurbished Warrego Mill or third-party processing routes,” Bills said.
Once the dewatering of Edna Beryl has been completed, the site mining infrastructure will be reinstalled to allow for mining to resume. An expanded workforce is already at the site.