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AuKing Mining Ltd ( (AU:AKN) ) has shared an update.
AuKing Mining Limited has announced a transformative acquisition agreement to acquire 100% of Orion Resources Pty Ltd, securing full ownership of the Cloncurry Gold Project. This acquisition, valued at $33 million, provides AuKing with a clear pathway to leverage the project’s high-grade gold results and potential for an IOCG system, enhancing its position as a gold and copper developer. The acquisition includes a strategically located processing plant, offering additional revenue streams and regional leverage through a ‘hub and spoke’ model. The move to full ownership simplifies project management and allows AuKing to focus on development activities, potentially generating significant value for shareholders in a strong gold market.
More about AuKing Mining Ltd
AuKing Mining Limited operates in the mining industry, focusing on gold and copper development. The company is engaged in acquiring and developing mining projects, with a particular emphasis on the Cloncurry Gold Project in north-west Queensland, which offers significant exploration and production potential.
Technical Sentiment Signal: Sell
Current Market Cap: A$4.08M
Find detailed analytics on AKN stock on TipRanks’ Stock Analysis page.