10/09/2019 - 12:31

Maximus finds new Burbanks buyer

10/09/2019 - 12:31

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ASX-listed Maximus Resources has reached a $5.2 million sale agreement for its Burbanks gold processing plant in the Coolgardie region, after its previous $5.8 million deal with Adaman Resources fell through.

Maximus finds new Burbanks buyer
The Burbanks mill currently remains on standby until the sale is finalised.

ASX-listed Maximus Resources has reached a $5.2 million sale agreement for its Burbanks gold processing plant in the Coolgardie region, after its previous $5.8 million deal with Adaman Resources fell through.

The new purchaser, Mineral Ventures Pty Ltd, has paid a $2.8 million deposit to Adelaide-based Maximus, with final payment due 72 hours after the existing “Adaman encumbrance is removed”.

Mineral Ventures is owned by GBF’s Michael Foulds and Ross Graham.

Under the deal, Maximus will secure 5,000 tonnes per month of toll milling capacity for up to two years from 2020.

In April, Maximus announced it struck an agreement with privately owned, Perth-based Adaman, with an initial payment of $2 million to be paid to Ramelius Resources, as the final settlement of a loan from the purchase of the Burbanks plant by Maximus in 2016.

It purchased the plant from Ramelius for $2.5 million.

However, Adaman did not complete pay the transaction by the August 31 deadline.

The Burbanks mill currently remains on standby until the sale is finalised, with only security personnel on site.

In December, a 28-year-old man stole concrete flooring at the site containing nearly $20,000 in gold fragments.

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