Kingsgate takes stake in Caravel
Kingsgate Consolidated is to become the largest shareholder in gold and base metals explorer Caravel Minerals after agreeing to sell a package of exploration tenements for a loss of $15 million.
The two companies have signed a memorandum of understanding for Caravel to acquire Kingsgate’s tenements in Western Australia and Queensland, which the company acquired with the acquisition of Dominion Mining in 2011.
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