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Northern Star sells out of Venturex

ESG

Northern Star Resources has sold its entire 17.5 per cent stake in exploration and development company Venturex.

The parting occurred on friendly terms after a long-term relationship between the two companies.

It involved a 12-month $2 million loan for the development of Venturex’s Sulphur Springs copper-zinc project in Western Australia that was initiated in 2018.

Venturex executive director Anthony Reilly said Northern Star’s contribution to the company had been extremely appreciated.

“Northern Star has been a resolute supporter of Venturex over a long period of time, and I would like to take this opportunity to acknowledge their commitment and input as a substantial shareholder to enable us to advance Sulphur Springs where it is today,” Reilly said.

Sulphur Springs is 144 kilometres from Port Hedland and contains a 17.4 million tonnes resource at 1.3 per cent copper and 4.2 per cent zinc.

The outstanding loan owing to Northern Star is now worth $434,544.35 and will be settled in cash.

Ex-Northern Star chairman Bill Beament also moved to Venturex as an executive director last month.

Beament joined Northern Star in 2007 as managing director and was appointed executive chair in 2016.

“I share the view that now is the right time for Northern Star to begin the search for an independent chair,” Beament said at the time.

“The company is in an extremely strong position, with an outstanding team and some of the best gold assets in the world.”

Beament also took a stake worth $8.9 million in Venturex to support the company as a supplier of new generation energy and technology materials.

This forms part of a $14 million equity raising plan to help develop the Sulphur Springs project.

Developments at the site include tailings storage, infill drilling and further regional exploration.

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