Secret buyer walks away from Lakewood Mill purchase

Silver Lake Resources has failed to sell its Lakewood gold mill after announcing a buyer was interested in October.

Silver Lake did not reveal the identity of the buyer, but said it had reached an agreement with a private consortium for the outright sale of the mill and its associated infrastructure for $5.5 million.

However the company announced yesterday that the agreement had been terminated because the buyer did not meet a number of obligations within an acceptable timeframe.

Silver Lake said it would consider a number of options for Lakewood including talking to parties who were previously interested in the asset.

Lakewood Mill, 5km south-east of Kalgoorlie, was closed in July after the company put its Murchinson mine into care and maintenance.

At the time, Silver Lake said it would cost $40,0000 a month to care for the mothballed mill, announcing it had received a number of “unsolicited expressions of interest” to use or buy the operation.

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