Kirkalocka Gold Mine sold by Minjar Gold for $12 million to Adaman Resources

A high-powered syndicate of Australian mining services players is plotting to revive the Kirkalocka gold mine near Mt Magnet in the Mid West after securing the asset from China’s Minjar Gold in a $12 million deal.

Mark Rowsthorn-led haulage provider Rivet, Danny Sweeney’s mining contractor SMS Innovative Mining Solutions and Nathan Mitchell’s Mitchell Group Holdings each own a third of Adaman Resources, which has put a $35 million to $40 million price tag on returning Kirkalocka to production for the first time since 2008.

The new private equity play is fronted by former Saracen Mineral Holdings chief operating officer and now Adaman chief executive Craig Bradshaw, who said the company scoured 30 to 40 projects before settling on the all-cash purchase of the Mid West gold mine.

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