Silver Standard said early Monday it has entered into a definitive agreement with Kingsgate Consolidated Limited to sell the Bowdens project in New South Wales, Australia in a cash and share deal.
Kingsgate is an Australian-based company listed on the Australian Stock Exchange.
"This transaction underscores the value of our portfolio and allows us to redeploy capital into accelerating production growth and our strong exploration pipeline," said John Smith, president and CEO of Silver Standard. Silver Standard said the pre-tax gain for the Vancouver miner is estimated to be $60 million.
The transaction is expected to close by October. The Bowdens project is in southeastern Australia, about 200 kilometres northwest of Sydney.
The project has been on care and maintenance while Silver Standard advanced its other projects in North and South America.
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