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Gold Road Resources completes Gruyere sale and JV – Finance News Network

Tuesday, 13 December 2016

Gold Road Resources Ltd (ASX:GOR) has completed the sale of its 50% stake in the Gruyere Gold Project for $250 million in cash.

The company sold its stake to Gold Fields Ltd and has now formed a 50:50 joint venture in the project with that company.

In addition to the cash payment, Gold Road Resources will also receive an uncapped 1.5% net smelter return royalty on Gold Fields’ share of production from the Gruyere Joint Venture – once total gold production exceeds 2 million ounces.

Gold Fields will also pay an additional $100 million to Gold Road by funding Gold Road’s share of the initial cash calls during the construction phase.

Gold Road Resources declared a net loss of $9.2 million at 30 June 2016.

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